EDITOR'S NOTE

Anyone who had the stomach for stocks after coronavirus shutdowns began in mid-March enjoyed one of the best quarters in decades.

Finishing the second quarter at today's market close, the Dow Jones Industrial Average was up nearly 18% quarter to date. The S&P 500 was up nearly 20%. And the Nasdaq was up more than 30%. For the Dow, it was the best period since 1987. It was the Nasdaq's best quarter since 1999.

These gains came off the very low base of a bear market that ended the longest bull run in history. Much of the performance followed massive stimulus from the Federal Reserve and Congress, and unbridled optimism for economic reopenings and vaccine developments.

The quarter ahead faces more challenges as coronavirus cases rise and states roll back reopening plans. On Tuesday, Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell offered contrasting views on where things are headed from here, but both agreed more stimulus will be needed:

• "We are in a strong position to recover because the administration work[ed] with Congress on a bipartisan basis to pass legislation and provide liquidity to markets in record time," Mnuchin said.

• "The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” Powell said. “A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities."

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