The long pause between rate cuts could be particularly bullish for equities, potentially extending and broadening the stock market’s rally, analysts said.

The stock market surged on Friday as rumors swirled about Federal Reserve Chair Jerome Powell cutting interest rates. The Dow Jones Industrial Average rose 846 points to a new record, the S&P 500 jumped 1.

Investors’ expectations of lower interest rates were reflected in the major stock indexes and lower government bond yields.