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The economy is falling apart but Wall Street had its best quarter in decades

June 30, 2020. Summarized by summa-bot.

A view of the New York Stock Exchange (NYSE) is seen at Wall Street on June 29, 2020 in New York City. - Stock markets on both sides of the Atlantic struggled Monday to rebound from last week's losses as optimism over easing lockdowns was torpedoed by fear over surging coronavirus infections. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

It has been a rough quarter for the US economy, with the country plunging into a pandemic-fueled recession. Yet the stock market is alive and kicking -- in fact, it's having its best quarter in more than 20 years.

New York (CNN Business)It has been a rough quarter for the US economy, with the country plunging into a pandemic-fueled recession.

Yet the stock market is alive and kicking -- in fact, it's having its best quarter in more than 20 years.

The Dow (INDU) recorded its best quarter since the first three months of 1987 with a 17. 8% jump, while the S&P 500 (SPX) logged its best quarterly gain since the final three months of 1998, climbing 19. 9%.

All three indexes are also in the green on Tuesday, the final trading day of June and the second quarter.

It's been an extremely turbulent quarter for the stock market.

The buoyant rally came on the coattails of a dramatic selloff in the market in March, when the pandemic lockdown began.

But investors were optimistic about the summer thanks to the gradual reopening of the economy -- which began as early as April in some states -- as well as unprecedented monetary and fiscal stimulus left investors optimistic about the summer.

Over the past weeks, infection rates in parts of the country surged higher and have left some states to pause their reopening plans.

These worries weighed on the market on some days but were often outweighed by hopes for more stimulus money from Washington.

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