The stock market rally continued to rebound from key levels, with the Nasdaq and S&P 500 index hitting record highs. Market breadth and leadership improved once again. Fed chief Jerome Powell backed a bond taper before the end of the year, not surprising financial markets.
Palo Alto Networks (PANW) and CrowdStrike (CRWD) led cybersecurity firms higher. Salesforce.com (CRM) and Snowflake (SNOW) were earnings winners, along with Williams-Sonoma (WSM) and Dick’s Sporting Goods (DKS).
Stock Market Rally Rebounds
The S&P 500 and Nasdaq composite hit all-time highs while the Dow isn’t far away. The Russell 2000 reclaimed its 50-day line. Cybersecurity stocks were among the big winners, along with several other software makers and a few retail earnings winners. Stocks extended weekly gains as Fed chief Jerome Powell signaled the central bank will begin to scale bond purchases before the end of the year.
Treasury yields rebounded for the week, but…