Dow best quarter since 1987, Nasdaq best since 1999, gold tops $1,800

Stocks moved between gains and losses on Tuesday as a growing number of Covid-19 cases weighed on sentiment but then climbed into the close. All three major indexes finished the second quarter with their best quarterly performance in more than 20 years.

• S&P 500 closed up 1.54% for its third positive day in four
• S&P 500 finished June up 1.84% for its third straight positive month
• S&P 500 closed the quarter up 19.95% for its best quarter since Q4 1998 when the index gained 20.87%
• S&P 500 is down 4.04% year to date
• Dow closed up 0.85%, or 217 points, for its third positive day in four
• Dow closed up 1.69% in June for its third straight positive month
• Dow closed the second quarter up 17.77% for its best quarter since Q1 1987 when the Dow gained 21.56%
• Dow is down 9.55% year to date
• Nasdaq closed up 1.87% for its third positive day in four
• Nasdaq closed June up 5.99% for its 3rd straight positive month
• Nasdaq closed up 30.63% for the second quarter, its best quarter since Q4 1999 when it gained 48.18%
• Nasdaq is up 12.11% year to date
• Sectors: 11 out of 11 sectors were positive Tuesday, led by energy up 2.2% —Francolla

The market moved higher in the final hour of trade and closed near session highs. The Nasdaq led the way, rising 1.9%, while the S&P 500 rose 1.5%. The Dow rose 216 points, or 0.8%, to cap off its best quarter since 1987. —Pound

The Federal Reserve’s Main Street lending program may need some more tinkering. Fed Chairman Jerome Powell said Tuesday that “in the range of 300 banks” have expressed interest in the facility that is targeting small- and medium-sized businesses. Though Boston Fed President Eric Rosengren had said that there was strong interest in the program, Powell said there is not “a ton of interest from borrowers.” The Boston Fed is running the program. Powell said he would be open to retooling the facility if necessary. “We’ve been very willing to learn from experience and learn from what we’re hearing from different parts of the economy,” he said. – Cox

Gold futures jumped 1.1% to settle at $1,800.50 per ounce, marking the precious metal’s first settlement above the $1,800 mark since September 2011. Gold also hit an intraday high of $1,804, its highest level since Nov. 8, 2011. —Imbert, Francolla

The major averages were higher with roughly one hour left in the trading session as Wall Street concludes its best quarter in around 20 years. The Dow traded 30 points higher, or 0.1%, while the S&P 500 and Nasdaq advanced…