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Dow tops 27,000 as Trump's decision on rebate boosts healthcare

Powell, who began his second day of testimony before the Congress, had said that the central bank stood ready to "act as appropriate" to support record US economic growth.

July 11, 2019 / 09:52 PM IST

The Dow Industrials crossed 27,000 points for the first time and the S&P 500 was near record highs on July 11, lifted by technology and healthcare stocks and raised bets of an interest rate cut following Fed chief Jerome Powell's dovish remarks.

Shares of health insurers including Cigna Corp and UnitedHealth Group Inc jumped 13.74% and 4.74%, while drug distributors such as McKesson Corp rose 3.85% after the Trump administration withdrew a rule aimed at eliminating drug rebates from its Medicare health plans.

The healthcare index, which is the worst performing S&P sector this year, rose 0.29%.

Powell, who began his second day of testimony before the Congress, had said that the central bank stood ready to "act as appropriate" to support record US economic growth.