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 index leaped 101.05 points to 26,961.25, breaking above 27,000 for the first time in its history, before settling below that number.
The S&P 500 gained 3.1 points to 2,996.17
The NASDAQ Composite gathered 2.12 points to 8,204.65
UnitedHealth shares surged more than 4% after the White House dropped a proposal to eliminate drug rebates. CVS Health gained 7%, and Cigna also jumped on the news, picking up 14%.
Delta Air Lines rose 0.9% on better-than-expected earnings. Amazon traded 0.7% higher, bringing its market cap back above $1 trillion.
In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed "notably" recently as uncertainties over the economic outlook linger. As a result, expectations of an upcoming rate cut grew.
In economic news, the U.S. consumer price index — a widely followed measure of inflation — rose more than expected last month, with the core CPI posting its biggest gain in one-and-a-half years.
Prices for the benchmark 10-year U.S. Treasury faded, raising yields to 2.08% from Wednesday's 2.07%. Treasury prices and yields move in opposite directions.
Oil prices improved 13 cents to $60.56 U.S. a barrel.
Gold prices jumped $4.50 to $1,417 U.S. an ounce.