U.S. stocks wrapped up the first half of 2026 with some of the strongest quarterly gains in years, capping a period marked by sharp swings but a resilient upward trend.

Best Quarter in Years

The S&P 500 and Nasdaq notched their best quarterly performance since 2020, while the Dow posted its biggest quarterly gain since 2022, as markets shook off periodic bouts of volatility.

Small Caps Shine

The Russell 2000 was a standout performer, gaining more than 21% in the first half of the year — its best first-half showing since 1991 — and closing the period on a six-session winning streak.

Index-Level Scorecard

For the first six months of the year, the S&P 500 gained 9.6%, the Nasdaq climbed 12%, and the Dow rose 8.9%, marking the Dow’s best first-half performance since 2021.

Volatility Along the Way

Despite the strong headline numbers, the period included wild oil price swings tied to the Middle East conflict and repeated selloffs in AI-related tech stocks as investors periodically questioned the sustainability of the AI trade.