Traders work on the New York Stock Exchange (NYSE) in New York, USA on July 1, 2019. REUTERS / Brendan McDermid
July 11, 2019
By Medha Singh
(Reuters) – Dow's industrials surged 27,000 points for the first time, and the S & P 500 hit near record highs on Thursday, thanks to technology and health stocks and low-yielding bets. interest rates following dovish remarks by Fed chief Jerome Powell.
Health insurer shares, including Cigna Corp
The health index <.SPXHC>, which is the worst performing S & P sector this year, rose 0.29%.
Powell, who began his second day of testimony before Congress, said the central bank was ready to "do the right thing" to support record economic growth in the United States.
"Will the chief of money avoid a very weak growth or recession or is it an insurance policy?" Said economist Peter Cardillo. Chief Executive Officer at Spartan Capital Securities in New York. "If this last point, the market can continue its rally. Otherwise, we will have a problem of income. "
At 9:54 (ET), the Dow Jones Industrial Average <.DJI> was up 135.16 points, or 0.50%, to 26,995.36. The S & P 500 <.SPX> was up 6.97 points, or 0.23%, to 3,000.04, and the Nasdaq Composite <.IXIC> was up 12.56 points, or 0.15%, to 8,215.09.
Technology <.SPLRCT> Equities rose 0.30%, which boosted the three leading indices.
Delta Air Lines Inc
A Ministry of Labor report says US underlying consumer prices have risen to almost a year and a half in June, but it is unlikely to change the Fed's expectations for a reduction rates this month.
Emerging issues outnumbered by a 1.33 to 1 ratio on the NYSE. Falling numbers outnumbered defenders for a ratio of 1.01: 1 on the Nasdaq.
The S & P index posted 24 new highs over 52 weeks and three new lows, while the Nasdaq recorded 45 new highs and 12 new lows.
(Report by Medha Singh and Manas Mishra in Bengaluru, edited by Sriraj Kalluvila)