The major U.S. stock indexes posted a strong rally during the final minutes of trading on Tuesday to end the quarter on a high note after fighting back from their coronavirus lows.


The blue-chip Dow Jones Industrial Average rose 216 points or 0.85 percent while the S&P 500 climbed 1.54 percent and the Nasdaq Composite added 1.87 percent.

Late day comments from Senate Majority Leader Mitch McConnell on a on a potential Phase 4 stimulus plan helped serve as a catalyst, along with similar remarks from Treasury Secretary Steven Mnuchin.

For the quarter, the Dow posted its best performance in 33 years, gaining 17 percent while the S&P 500 rose 20 percent and the Nasdaq surged 30 percent.

On the economic front, June consumer confidence printed at 98.1, ahead of the 91.8 that analysts surveyed by Refinitiv were expecting.

Meanwhile, the number of daily new coronavirus cases in the U.S. continued to pull back from the peak reached last week, totaling 36,390 on Monday. Deaths due to the outbreak ticked up to 338 but remained near their lowest level since March 25.

Overnight, China passed national security legislation for Hong Kong, effectively ending the “One Party, Two Systems” governing principle that had been in place since the 1997 handover by Britain. The U.S. responded by revoking trade benefits that had been afforded to Hong Kong under the dual system.

Looking at stocks, Wells Fargo will cut its 51-cent quarterly dividend to help offset damage to the bank’s earnings from COVID-19. The bank will announce the amount of its payout when it releases earnings on July 14. Rivals JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs said they would maintain their dividends. Read more at FOX Business