The markets shot higher today as the Federal Reserve came to the rescue. With 13 Fed members speaking this week many investors felt it was the prime opportunity for them to hint at a rate cut. Fed President Jerome Powell did just that with his comments that he would be open to easing monetary policy to support the market. This sent the Dow higher by 512 the S&P 500 gained 58 and the Nasdaq finished the day higher by 194, erasing yesterday's decline.

Now that earnings season is out of the way investors' attention has turned really back towards the Fed and trade. Tomorrow there are still 3 Fed members speaking as well as the release of the Beige book so it gives plenty for the markets to focus on.

Interest rates finally bounced today after a multi-week move to lows. The move did put a damper on real estate and utilities which each were down over 1% during the day.

Some of the better performing areas of the market today included the Semiconductors which had recently shown a slowdown in it's record sell off. The Semi's (SMH  ) had fallen over 20% over the month of May but today were able to participate in the markets broad rally.

Transports (IYT  ) were also a bright spot today, recovering from their oversold position. The sector has been a notable weak spot, being one of the first to move below it's 200 day moving average in early May. Despite today's rally the sector is still down about 10% from highs of the year.

Some of the individual stocks in the news today include Tiffany (TIF  ) which reported earnings that came in better than expected but lower sales and a slowdown in sales from foerign tourists dragged on the days gains.

Cloud storage company Box (BOX  ) shares broke to new lows today despite the company reporting a smaller than expected loss. Shares moved lower initially on lower guidance for the full year on revenue.