Stocks opened higher Thursday, building on gains that saw the Nasdaq Composite index end in record territory Wednesday, and the SP500 hit 3,000 for the first time intraday, after Federal Reserve Chairman Jerome Powell reinforced expectations for an interest rate cut later this month.
The Dow was up 0.6 % at 26,942 while the SP500 rose 0.2% to 2,998 and Nasdaq was up 0.1% at 8,213.
Powell, who testified Wednesday before the House Financial Services Committee, will appear before the Senate Banking Committee on Thursday. Health related stocks were seen rising after the Trump administration acknowledged it was dropping a potentially industry-upending plan that would have eliminated the rebates that drugmakers pay to benefit managers working with Medicare and Medicaid.
Source : MarketWatch