Dow Jones Industrial Average hits 27,000 for first time ever

Posted at 2:44 PM, Jul 11, 2019
and last updated 2019-07-11 17:44:31-04

NEW YORK (AP) -- The Dow Jones Industrial Average climbed above 27,000 for the first time ever Thursday.

The S&P 500 also hit a closing high milestone of its own Thursday, a day after its first move above 3,000.

Steep losses in drugmakers and real estate companies were offset by gains for banks and technology companies.

Nvidia climbed 3.9% and Goldman Sachs rose 2.6%.

Pharmaceutical makers dropped after the White House scrapped a plan to overhaul a system of rebates those companies pay to insurers and distributors.

Bond yields spiked following weak demand at an auction for 30-year Treasurys.

The S&P 500 rose 6 points, or 0.2%, to 2,999.

The Dow rose 227 points, or 0.8%, to 27,088. The Nasdaq fell 6 points, or 0.1%, to 8,196.