(Reuters) – The Nasdaq ended at a record high on Tuesday, lifted by Amazon, Microsoft and other top-shelf tech companies as investors shifted their focus to growth stocks. Microsoft rose 1.1% and its stock market value briefly breached $2 trillion for the first time, while Apple, Facebook and Amazon also rallied more than 1% each. Amazon had over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index. In a congressional hearing, meanwhile, Federal Reserve Chair Jerome Powell reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market and not to raise interest rates too quickly based only on the fear of coming inflation. So-called value stocks, expected to benefit from the economic recovery, have outperformed in 2021, while growth stocks, including major tech names like Apple and Nvidia, have rallied since the Fed last week took a stance on future rate hikes viewed by many as more aggressive than expected. The S&P growth index has added almost 2% since before the Fed last Wednesday projected an accelerated timetable for interest rate increases, compared with a drop of almost 2% in the value index. “The market was caught off guard regarding the Fed’s hawkish commentary, and that’s 100% of what is happening,” said Andrew Mies, chief investment officer of 6 Meridian. “All the smart people were surprised about how hawkish the Fed was, and now they are adjusting their portfolios.” Nine of the 11 major S&P sector indexes rose, with consumer discretionary and tech the biggest gainers, each up about 1%. The Dow Jones Industrial Average rose 0.2% to end at 33,945.58, while the S&P 500 gained 0.51% to 4,246.44. The Nasdaq Composite climbed 0.79% to 14,253.27. Advancing issues outnumbered declining ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored advancers. The S&P 500 posted 28 new 52-week highs and 1 new low; the Nasdaq Composite recorded 78 new highs and 56 new lows. Volume on U.S. exchanges was 9.5 billion shares, compared with the 11.1 billion average over the last 20 trading days. Nick Note: as you have seen everyone is rushing in and we rushed out. I have no desire to do anything right now… but wait and watch,,,,,