All

Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner.

This make-a-break hour begins with new highs

and another burst of rotation

towards smaller and more cyclical stocks

since Wall Street gains conviction

around retreating inflation, a soft economic landing, and the policy mix into and

beyond the presidential election. We'll discuss all that with our experts

including Black Rocks Rick Reader in just a moment.

Here's a look at your scorecard, though, with 60 minutes to go in regulation.

The major index is, they are well off their earlier highs.

The S&P at one point was up nearly 1%. Now almost half a percent.

You see the Dow in record territory as well almost at 4,300 and then the NASDAQ participating

today to the upside too.

The real action though remains in the Russell 2000 small cap.

It is up close to 2% now, up basically 7 or 8% in the three trading session since we got that

benign

CPI reading last Thursday.

Bank stocks also extending last week's gains.

This is part of these laggards catching up to the big cap growth indexes.

You see Goldman after earnings today up more than 2% as is J.P. Morgan.

Wells Fargo up 1.5%.

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