Stock Funds Rallied 17.1% in a Quarter That Made Investors’ Heads Spin

It was an eventful second quarter for stock-fund investors, including the SpaceX initial public offering, an oil shock, an Iran peace rally at one point, and the first Fed-policy meeting under the central bank’s new chairman.

But through it all, it was investors’ faith in tech stocks—those tied to artificial intelligence, in particular—that kept the market humming. In the end, the S&P 500 and Nasdaq composite posted their best quarters since 2020, hitting record highs, and the Dow closed the month at a record as well.