07/11/2019

Dow Jumps 200 Points To Break Above 27,000 For The First Time Ever

Meanwhile, July market expectations for a rate cut are at 100 percent

The Dow Jones Industrial Average rallied to a record high on Thursday, led by UnitedHealth shares, after testimony by Federal Reserve Chair Jerome Powell that signaled easier monetary policy could be implemented later this month. UnitedHealth shares surged more than 5 percent after the White House dropped a proposal to eliminate drug rebates. CVS Health and Cigna also jumped on the news, gaining 4.6 percent and 10.8 percent, respectively. 

The 30-stock average broke above 27,000 for the first time in its history, rising 200 points or 0.8 percent.

Meanwhile, the S&P 500 rose 0.2 percent to trade back above 3,000 while the Nasdaq Composite also gained 0.2 percent. The S&P 500 first broke above 3,000 on Wednesday. 

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