U.S. stocks extended gains last week as investors cheered Fed Chairman Powell’s Jackson Hole speech on Friday signaling that the start of interest rate cuts is on the horizon. Together with the near 4% gain the week prior, the S&P 500 ended the week just 0.58% below its July 16 all-time closing high. Equity gains are broadening as small cap stocks have gained 6.6% over the past two weeks, while 70% of S&P 500 constituents ended above their 50-day moving averages versus 44% at the start of August.