Mega-cap tech stocks helped the market end higher Friday, with stocks ending a remarkably strong first quarter in the face of mounting recession fears and tight central bank policy.
The Nasdaq 100 gained nearly 32% in the first half, nearly breaking its first-half record, set in 1983. The tech sector was propelled by massive enthusiasm for AI that's gripped Wall Street in 2023. In the second quarter, the Nasdaq closed at 13% higher, while the S&P and Dow climbed 8.8% and 2.5%. Core Personal Expenditure Price index data released Friday morning also added to investor confidence, showing that inflation climbed 4.6% from a year ago in May, down from 4.7% in April. On a monthly basis core PCE was up just 0.3%.
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