The Dow Jones Industrial Average rose to a record high on Thursday after testimony from Federal Reserve Chair Jerome Powell hinted that the central bank will cut interest rates later this month.
The 30-stock average rallied above 27,000 for the first time in history before trading shortly below that level. The Dow was up 0.5 percent just before 10:00 a.m. Thursday.
The Dow’s record-breaking rally comes one day after the S&P 500 broke 3,000 for the first time Wednesday morning.
The markets’ strong showings could be attributed in part to Powell’s testimony that the Fed would cut interest rates in the face of slowing global growth and increasing trade tensions.
“Economic momentum appears to have slowed in some major foreign economies, and that weakness could affect the U.S. economy,” Powell said.
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