And welcome to Closing Bell. I'm Mike Santoli, in for Scott Wapner. This make-a-break hour

begins with stock stampeding toward record highs. The Bulls re-energized by hopes of a rate cut in a few

weeks, thanks to Fed Chair Powell's speech nodding toward the risks of a weaker jobs market.

Let's check the scorecard with 60 minutes left in regulation.

Take a look at the S&P 500 on track for a fresh closing record.

It's been hanging around these levels.

It's up more than a percent and a half, maybe 10 points off the high,

about 90 percent of all volume to the upside here.

With the Dow pacing for what would be its first all-time

high since last December. We have not closed about 45,000 this year, but the real action is in the

more cyclical and racier parts of this market. You have the small cap Russell 2000, quite a day,

up 3.7% right now. Banks, other high beta stocks, also melting higher,

as the rate cut textbook would suggest. You see the financials up 1.7%. And the high beta

stocks, the most volatile, aggressive ones up 3.4%. Get a check on the bond market. Where two-year

yields, excuse me, have rushed lower to price in cuts sooner than later

though 30 year yields been more of a subdued in their move so that further steepens the yield curve

which brings us to our talk of the tape what exactly did chair powell mean to convey in jackson

hole this morning and is the market interpreting

his message correctly? We turn first to our Steve Leasman in Jackson Hole to help answer that, Steve.

So when I see markets move in a dramatic fashion, so obviously in response to something like this

from the Fed chair, it means some folks in the market had doubts we were going to get exactly this type of a signal. What are we fixated on? Is it as simple as that payroll report

on August 1st was bad enough to tilt the bias within the Fed? Yeah, I think that's right, Mike.

...