Dow, S&P 500 set record close

Market Overview - The market is experiencing a record-setting day, driven by a significant rotation towards cyclical stocks, influenced by a dovish message from the Federal Reserve [1] - The S&P 500 is nearing its previous record levels, indicating a recovery in the market over the past six weeks [1] Sector Performance - Banks have seen a 7% increase since the last record, while transportation stocks have outperformed, with small-cap stocks also showing gains [2] - High beta cyclicals, including cruise lines and hotel stocks, are experiencing notable increases, with some cruise stocks rising by 6% to 8% in a single day [3][4] Market Sentiment - There is a sense that the current rotation towards smaller stocks may be somewhat forced and panicky, as investors are rapidly shifting their focus [3] - While the macroeconomic message is positive, there are concerns about the sustainability of the current stock prices, emphasizing the need for continued macroeconomic support [4]