The Dow Breaks 27,000 for the First Time Ever

  • 2019-07-11
  • Source: TTN
  • by: TTN Staff
The Dow Breaks 27,000 for the First Time Ever
By Gage Skidmore from Peoria, AZ, United States of America via Wikimedia Commons
 

The economy continues to thrive under President Trump as the Dow Jones Industrial Average has risen above 27,000 for the first time in history.

According to CNBC:

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. 

Federal Reserve Chairman Jerome Powell recently told Congress that the economy is showing signs of slowing which increased optimism that a rate cut was coming.

 Source: TTN

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