The Dow Jones industrial average briefly crossed the 27,000 mark for the first time ever, boosted by bets that the Federal Reserve is poised to cut interest rates for the first time in a decade.
The blue-chip index soared 147.66 points moments after Thursday’s open to hit 27,007.86 — blowing past an all-time intraday high of 26,983.45 that was reached a day earlier.
Markets have been on a tear since Fed chair Jerome Powell signaled Wednesday that the Fed is likely to cut interest rates at the conclusion of the Federal Open Market Committee’s July 30-31 meeting in response to economic “uncertainty.”