The S&P 500 gained 6.86 percent in June and 3.76 percent for the second quarter. Year-to-date, the index has gained 17.32 percent.
SPDR Financials (XLF) gained 1.40 percent after the Federal Reserve said major banks passed their stress tests, clearing the way for billions in stock buybacks and dividends. SPDR S&P Regional Banking (KRE) advanced 2.77 percent.
Economic data was light this week. New home sales slipped to an annualized pace of 626,000 in May. Economists were looking for 669,000 in sales. The final estimate of first quarter GDP growth was 3.1 percent. Personal income growth was steady at 0.5 percent and beat expectations.
Bond yields were down on the week with the 10-year finishing at 2.00 percent. iShares 20+ Year Treasury (TLT) advanced 1.06 percent. iShares iBoxx Investment Grade Corporate Bond (LQD) and PIMCO Corporate Bond (CORP) rallied 0.61 percent and 0.45 percent. iShares iBoxx High Yield Corporate Bond (HYG) saw a small loss of 0.15 percent.
Crude oil failed to break to the $60 barrier. It finished the week with a small increase of 0.50 percent. SPDR Energy (XLE) advanced 0.27 percent on the week. SPDR S&P Oil & Gas Equipment & Services (XES) bounced 2.95 percent and SPDR Oil & Gas Exploration & Production (XOP) climbed 1.98 percent.
Earnings news was solid. Micron Technology (MU) beat estimate, boosting shares 16.06 percent on the week. VanEck Semiconductors (SMH) rallied 2.87 percent as most chipmakers rose along with Micron.
FedEx (FDX) beat earnings, but it gave weak guidance due to slowing trade. Shares lost 0.70 percent for the week.