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.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs