** S&P 500 .SPX extends winning run to three weeks, finishes up 0.3% after Fed chair Powell's dovish shift on interest rates .N

** Dow .DJI gains 1.5%, though Nasdaq Composite .IXIC eases 0.6%; on Fri, the Dow scores its first record closing high since Dec. 04, 2024

** S&P 500 index has been driving to new highs, steers clear of a Jackson pothole

** U.S. 10-Year Treasury yield US10YT=RR falls back to the 4.25% area; still holed up in the cloud

** Nearly every sector ascends: Economically-sensitive plays lift off, while just Communication Services and Technology sputter; indeed, Growth .IGX looked ripe for a rest vs Value .IVX; Growth suffers worst week relative to Value since late Mar

** Energy .SPNY surges 2.8%. Group elevates as Fed chair points to possible rate cut at Jackson Hole Symposium

** Real estate .SPLRCR soars 2.4%. REITs such as Alexandria Real Estate ARE.N and Prologis PLD.N rise after Powell's speech hints at rate cuts

** Financials .SPSY jump 2.1%. Banks vault as Powell signals possible rate cut in Sept., but stopped short of committing

For the week, S&P 500 banks index .SPXBK up 3%, KBW regional banking index .KRX leaps >5%

** Industrials .SPLRCI gain 1.8%. HR software firm Dayforce DAY.N jumps 31% on the week on $12 bln Thoma Bravo buyout deal

** Consumer Discretionary .SPLRCD up 1.3%. Home Depot HD.N rises after it maintains annual sales and earnings forecasts, flags 'modest' price hikes due to tariffs

Homebuilders D.R. Horton DHI.N, Lennar LEN.N and Pultegroup PHM.N rally as rate cut odds increase after Powell's comments

** Consumer Staples .SPLRCS edge up 0.3%. Walmart WMT.N falls after first profit miss in about three years, even as it hikes annual forecast

And Target TGT.N slumps after co names longtime insider Fiddelke as new CEO, despite Q2 results beat

** Communication Services .SPLRCL descend 0.9%. Google-parent Alphabet GOOGL.O rises on Fri after report Meta Platforms META.O inks $10 bln cloud deal

** Tech .SPLRCT tumbles 1.6%. Highflyer Palantir PLTR.O worst SPX performer, pulls back 10% on the week, as tech-stock stumble shows vulnerability in AI trade, and short sellers rake in bumper profits on PLTR's recent slide

Intel INTC.O climbs on Tues as Japan's SoftBank 9984.T chips in with $2 bln investment

Semiconductor index .SOX ends essentially flat

** Meanwhile, individual investor bears dip, but still "unusually high"

** SPX performance YTD:

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)

((lance.tupper@tr.com ; terence.gabriel@tr.com))