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.
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 S&P 500 rose 0.2% to trade back above 3,000 while the Nasdaq Composite gained 0.2%. The S&P 500 first broke above 3,000 on Wednesday.
UnitedHealth shares surged more than 4% after the White House dropped a proposal to eliminate drug rebates. CVS Health and Cigna also jumped on the news, gaining 7% and 14%, respectively.