Market Extra: The Dow is now on pace for its best June return in 80 years, but the Fed could change that in a heartbeat

U.S. stock benchmarks on Tuesday enjoyed a nearly unfettered run-up toward records on the back of hope that central banks here and abroad will ease monetary policy soon.

Gains on the day have put the Dow Jones Industrial Average DJIA, +1.35% in position to ring up its best June gain of nearly 7% since 1938, when the blue-chip benchmark surged an eye-popping 24.3% on the month, according to Dow Jones Market Data.

The S&P 500 index SPX, +0.97% is on track for its best June return, with a gain of about 6%, since 1955 when the broad-market benchmark rose 8.2%, while the Nasdaq Composite Index COMP, +1.39% was on track for a 6.8% return, which would represent its best June since a 16.6% gain back in 2000.

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