The Dow Jones industrial average crossed the 27,000 mark for the first time ever, boosted by bets that the Federal Reserve is poised to cut interest rates for the first time in a decade.
The blue-chip index soared as much as 227.43 points Thursday to hit a record 27,088.45 — blowing past an all-time intraday high of 26,983.45 that was reached a day earlier. It closed just off that high at 27,088.08, up 227.88 points.
“Right or wrong, everyone pays attention to the Dow,” Quincy Krosby, chief market strategist at Prudential Financial, told The Post, referring to the 30-stock index of US corporate giants like Apple, Exxon, Goldman Sachs and McDonald’s.
The S&P 500 gained 0.2 percent for a record close at 2,999.91 while the Nasdaq dipped 0.1 percent.
“The Dow has become the picture of the US economy even though professionals argue it’s about the S&P 500,” Krosby added.
The Dow’s journey from 26,000 to 27,000 has been tortuous, taking 372 trading days. It closed above 26,000 for the first time on Jan 17, 2018 but swung wildly over the year due to fears over trade, slowing growth and Fed policy — hitting a closing low of 21,792.20 on Dec. 24.
Meanwhile, it took just 286 trading days for the Dow to climb from 19,000 in November 2016 to 26,000 and only 7 trading days to jump from 25,000 to 26,000.
President Trump — who frequently uses markets gains as proof his economic policies are working — celebrated the Dow’s latest milestone
“Dow just hit 27,000 for first time EVER!” he said on Twitter.
Markets popped when Fed chair Jerome Powell signaled Wednesday that the central bank is likely to cut interest rates at the conclusion of the Federal Open Market Committee’s July 30-31 meeting in response to economic