Wall Street closed out its fifth straight quarterly gain Wednesday, continuing its comeback from a steep drop in early 2020 at the onset of the coronavirus pandemic.
The S&P 500 edged up 0.1%, bringing its advance over the past three months to 8.2% and 14.4% for the first half of the year. The benchmark index finished June with a 2.2% gain and its third straight all-time high as it extended its winning streak to a fifth day.
Stocks have been pushing higher on optimism that the economy is strengthening and that the Federal Reserve will keep interest rates low for a while longer.
“The Fed has sort of kept the proverbial spigot open, if you will, with liquidity, so there’s still a pretty sizable amount of capital out there looking for a place to go,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab.
Meanwhile, concerns about inflation earlier this year have dissipated somewhat, as investors have become increasingly…