Markets Right Now: Dow has first close above 27,000 points
NEW YORK (AP) — The latest on developments in financial markets (all times local):
The Dow Jones Industrial Average climbed above 27,000 for the first time after a turbulent day on Wall Street.
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.
Technology companies and banks pushed stocks higher on Wall Street, extending the market’s gains from the day before.
The Dow Jones Industrial Average moved above the 27,000 point mark for the first time Thursday, a day after the S&P 500 made its first move above 3,000.
Chipmaker Nvidia climbed 4.5% and Goldman Sachs rose 1.8%.
Health insurers and pharmacies rose after the White House withdrew a plan that would have let patients receive the rebates that drugmakers now pay to insurance companies and distributors. Cigna jumped 11.7%.
The S&P 500 index rose 8 points, or 0.3%, to 3,001.
The Dow rose 203 points, or 0.8%, to 27,062. The Nasdaq added 21 points, or 0.3%, to 8,223.
Bond prices fell. The yield on the 10-year Treasury rose to 2.09%.
Stocks are opening broadly higher on Wall Street led by gains in technology and communications companies.
Chipmaker Nvidia climbed 1.7% early Thursday and AT&T rose 0.6%.
Delta Air Lines rose 0.6% after reporting that its second-quarter profit jumped 39%, beating Wall Street’s forecasts.
European and Asian markets were also broadly higher.
The S&P 500 index rose 5 points, or 0.2%, to 2,998.
The Dow Jones Industrial Average gained 64 points, or 0.2%, to 26,917. The Nasdaq added 11 points, or 0.1%, to 8,214.
Bond prices fell. The yield on the 10-year Treasury rose to 2.08%.