"There's reason to believe that the pessimism we saw at the start of the year is giving way to a stronger-than-expected market." Murray has increased his allocation to small-cap stocks, which tend to be among the most direct beneficiaries of economic growth. Other rebounding segments in June include the S&P 500 energy sector, which has gained 6% this month and S&P 500 industrials, up 5.7%. Ten of the 11 S&P 500 sectors are firmer for the month to date, compared to only six for the year. Stronger-than-expected jobs growth and robust consumer spending have been among the data points that have bolstered investors' economic outlook.

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Persons: Tim Murray, T Rowe Price's, Murray, Russell, Dow, Howard Silverblatt, Goldman Sachs, Saira Malik, Max Wasserman, David Randall, Saqib Iqbal Ahmed, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Energy, Reuters, Apple Inc, Microsoft Corp, Inc, Amazon.com Inc, Nvidia Corp, Tesla Inc, Dow Jones, Capital Economics, Miramar Capital, Starbucks Corp, Target Corp, Thomson Locations: U.S