The major averages closed higher for the day, week, month, quarter, and the year led by tech stocks once again. The Dow Jones Industrial Average rose 285 points, or 0.84%. The S&P 500 rose 53 points or 1.23% while the Nasdaq Composite jumped 196 points or 1.45%. All three averages notched winning weeks, gaining more than 2% each.

Economic data out this morning lent support to the rally. The May core personal consumption expenditures price index, a closely watched gauge by the Federal Reserve, rose less than expected in May. Core PCE increased 4.6% from a year ago, below the 4.7% expected by economists.

Once Including the food and energy components, inflation was considerably softer, up just 0.1% in the month verse 3.8% a year ago. The results were down respectively from the 0.4% and 4.3% increases reported for April.

The rally so far this month and year has been in the beaten-down growth names from 2022 including any stock with an artificial intelligence component. Artificial intelligence chipmaker Nvidia rose 3% today and up nearly 190% year to date. Mega caps like Meta Platforms, Microsoft and Netflix rose 2% or more.  Apple rose 2% as well moving above a $3 trillion market cap for the first time.

Elsewhere, Nike shares bucked the broad market uptrend. The apparel giant fell 2% after reporting a weaker-than-expected quarterly profit. The rest of the retail sector is taking a hit after the Supreme Court blocked President Biden's plan for student loan forgiveness.

For June, the S&P 500 gained 6.5% for its best monthly performance since October. The Nasdaq advanced 6.6%. Both indexes notched a fourth consecutive positive month. The Dow climbed 4.6%, for its best month since November.

For the second quarter, the S&P 500 rose 8.3% for its third straight quarter of gains and its biggest quarterly advance since the fourth quarter of 2021. The Nasdaq jumped 12.8% for back-to-back positive quarters. The Dow added 3.4% for a third winning quarter.

For the first half of the year, the S&P 500 jumped 15.9% for its best first half since 2019. The Nasdaq surged 31.7%, for its best first half since 1983. The Dow Jones rose just 3.8%.