The market was waiting for encouraging news from Powell today, and it got just what it wanted. His testimony was very dovish and the market opened with solid gains. The major averages spent the rest of the session mostly holding on to those gains. The Nasd averages finished in the upper half of their intraday trading ranges while the New York averages closed in the lower half of their trading ranges. The COMPQ and the NDX were higher by .74% and .98% respectively while the SPX rallied .45%. Volume was higher across the board, just what you want to see when prices rally. Leading stocks lagged the overall market a bit with the leaders index pretty much flat with a gain of .02%. The index closed in about the middle of its trading range. Volume was a bit lower and below average. The market put in a solid rally today and all the major averages made at least intraday new highs. The Nasd averages made new closing highs. The higher volume showed that large institutional players were buying stocks today. Leading stocks lagged a little today but the leaders index is just about at its old highs. Powell pretty much stated that there would be at least two rate cuts this year. This is positive for the market. The outlook right now is encouraging and we should see higher prices ahead. Jerry
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