(Bloomberg) — The stock market powered ahead amid a renewed rally in technology companies, with traders also sifting through the latest remarks from a slew of Federal Reserve speakers for clues on the interest-rate path.
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The S&P 500 topped 5,100 — hitting its 15th record this year. Traders looked past weak economic data amid bets policymakers will be able to cut rates as soon as June. US two-year yields sank as Fed Governor Christopher Waller noted he’d like a shift in the central bank’s holdings toward a larger share of short-term Treasuries.
“Market momentum remains intense, with any momentary period of weakness quickly bought by bulls,” said Mark Hackett, chief of investment research at Nationwide. “The bear case has come apart as the technicals and fundamentals both support the rally, though elevated valuations and near-universal optimism are things to watch from a contrarian basis.”
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