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June was another positive month for stocks and the broader economy. The mega-cap S&P 500® Index (SPX), the tech-heavy NASDAQ Composite Index (COMP), and the Dow Jones Industrial Average® (DJIA) all delivered gains while consumer confidence jumped to its highest level in 18 months. The Federal Reserve (Fed) decided not to raise rates at its latest meeting, opting instead to see how the economy reacts to previous rate hikes. A likely reason for the move is that inflation numbers continue to show a slowing trend. Still, prices across many categories remain high and overall inflation remains above the Fed’s 2% goal.
