The Dow Jones industrial average 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 as much as 227.43 points Thursday to hit a record 27,088.45 — blowing past an all-time intraday high of 26,983.45 that was reached a day earlier. It closed just off that high at 27,088.08, up 227.88 points.
“Right or wrong, everyone pays attention to the Dow,” Quincy Krosby, chief market strategist at Prudential Financial, told The Post, referring to the 30-stock index of US corporate giants like Apple, Exxon, Goldman Sachs and McDonald’s.
The S&P 500 gained 0.2 percent for a record close at 2,999.91 while the Nasdaq dipped 0.1 percent.“The Dow has become the picture of the US economy even though professionals argue it’s about the S&P 500,” Krosby added.