The rally was further spurred by strong labor market data and a more accommodative Federal Reserve with respect to interest rate policy. Federal Reserve Chairman Jerome Powell saying that the central bank will exercise more patience with respect to raising interest rates.

The Federal didn’t show much dynamism in 2018 with respect to monetary policy, obstinately sticking with a rate-hiking measure with four increases in the federal funds rate. That appears to have changed given the current economic landscape, and especially in the capital markets as Powell is now preaching patience and adaptability.

“As always, there is no preset path for policy,” Powell said. “And particularly with muted inflation readings that we’ve seen coming in, we will be patient as we watch to see how the economy evolves.”

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