US stocks post top quarterly performance in 6 years

US stocks closed higher on Tuesday, fueled by strong gains in semiconductor shares, allowing Wall Street to wrap up the second quarter with its best quarterly performance in six years.

At the close, the Dow Jones Industrial Average rose 0.26%, or 136 points, to a record closing high of 52,319. The index gained 8.85% during the first half of the year, marking its strongest first-half performance since 2021.

The S&P 500 advanced 0.79%, or 58 points, to 7,499, while the Nasdaq Composite climbed 1.52%, or 393 points, to 26,213. The two indices posted quarterly gains of 14.87% and 21.41%, respectively, their strongest quarterly performances since the second quarter of 2020.

In Europe, the STOXX Europe 600 rose 0.88% to 641, extending gains for a third consecutive month and recording its best quarterly performance since the third quarter of 2020.

The FTSE 100 added 0.12% to 10,497, Germany's DAX gained 1.5% to 24,995, and France's CAC 40 rose 0.44% to 8,403.

In Japan, the Nikkei 225 advanced 0.86% to 70,062, posting a record quarterly gain of around 36%, while the broader Topix index rose 0.32% to 3,994.

In oil markets, front-month Brent crude futures for August delivery fell 0.31%, or 23 cents, to $72.92 a barrel, posting monthly and quarterly losses of 20.78% and 38.38%, respectively.

US WTI crude futures for August delivery declined 1.77%, or $1.25, to $69.50 a barrel, ending the second quarter down more than 31%.

Gold futures for August delivery settled unchanged at $4,038.50 per ounce. Nevertheless, the precious metal recorded its steepest quarterly percentage decline since the second quarter of 2013.

A rally in technology and semiconductor stocks boosted investor risk appetite as concerns over the conflict in the Middle East eased and investors positioned portfolios ahead of quarter-end, despite continued expectations that US interest rates will remain higher for longer.