Stocks end higher Friday, Nasdaq scores best first half of a year since 1983

U.S. stocks closed higher Friday, ending the month strong and the first half of 2023 with robust gains as a long anticipated economic recession failed to materialize. The Dow Jones Industrial Average DJIA, +0.84% rose about 283 points Friday, up 0.8%, ending near 34,405, according to preliminary FactSet data. It gained 4.6% in June and 3.8% in the last six months, its best first half since 2021, according to Dow Jones Market Data.

The bullish tone, especially for a select few technology stocks, has endured even as Fed Chairman Jerome Powell repeatedly said a few more interest rates look likely this year, and that rates will likely stay high for awhile. Yet, the U.S. economy hasn’t tipped into a recession, suggesting the Fed might have room to pull off a “soft landing” for the economy, or at least only a mild recession, as it fights to bring down the cost of living to its 2% annual target.

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