The Dow Breaks 27,000 For The First Time Ever After Powell Testimony

The rallied to a record high on Thursday, led by UnitedHealth (NYSE:) shares, after testimony by Federal Reserve Chair that signaled easier could be implemented later this month.

The 30-stock average broke above 27,000 for the first time in its history, before trading just below that level. The Dow was up 0.5%, or 132 points, around 9:50 a.m. ET.

Meanwhile, the rose 0.2% to trade back above 3,000 while the gained 0.2%.

UnitedHealth shares surged more than 4% after the White House dropped a proposal to eliminate drug rebates. CVS Health (NYSE:) and Cigna (NYSE:) also jumped on the news, gaining 7% and 14%, respectively.

Delta Air Lines (NYSE:) rose 0.9% on better-than-expected earnings. Amazon (NASDAQ:) traded 0.7% higher, bringing its market cap back above $1 trillion.

In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger. As a result, expectations of an upcoming rate cut grew.

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