Tech rally, Powell comments boost indexes to record closing highs
technology shares rallied after upbeat results from Salesforce and as comments by Federal Reserve Chair Jerome Powell gave a late boost to the market.
The economy is stronger than it appeared in September when the central bank began cutting interest rates, allowing policymakers to potentially be a little more cautious in reducing rates further, Powell said at a New York Times event.
Powell's comments overall along with a Fed economic activity report added to the upbeat tone in the market, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
The Fed said in a summary of surveys and interviews from across the country known as the «Beige Book» that U.S. economic activity has expanded slightly in most regions since early October.
Powell «was very upbeat about economy, and he said we're making progress on inflation… that's good news for stocks in general,» Cardillo said.
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