US markets rallied, buoyed by a bullish tone from the Federal Reserve and with corporate results in firm focus - Dow up +79-points or +0.32% to log its fifth consecutive gain and longest winning streak since the eight-day period ended 14 May. The broader S&P500 +0.22%, with Financials (up +1.5%) the leading sector performer. The technology-centric NASDAQ slipped -0.01%, just shy of notching its second straight record closing high and its fourth of the month. Alphabet Inc. class A shares ended little changed (at US$1,212.91) despite the European Union’s (EU) competition body hit Google with its biggest-ever antitrust fine of US$5B over Android applications. Federal Reserve Chairman Jerome Powell testified for a second day testifying in front of Congress. Addressing the House Financial Services Committee Mr Powell reiterated his remarks made to the Senate Banking Committee and noted that the US economy was strong enough to handle tighter monetary policy. Mr Powell also downplayed concerns over the economic impacts of a trade war and added that, ultimately, if the White House managed a world of lower tariffs that would be positive for the economy. Elsewhere, Larry Kudlow - a former economic adviser to President Trump - addressed a CNBC-sponsored event in New York and said additional pro-growth measures could be imminent, which could deliver a further jolt to the US economy.
