Dow industrials hit record high
A turbulent day on Wall Street ended in the record books Thursday as the Dow Jones Industrial Average climbed above 27,000 for the first time and the S&P 500 index hit another alltime high.
The milestones came on a day when the S&P 500 briefly moved above 3,000 for the second straight day before an early rally lost some of its momentum.
The market lost some ground after an auction of long-term U.S. government bonds failed to drum up strong demand. That pulled bond prices lower, sending yields sharply higher.
Banks and technology stocks led the broad gains, offsetting losses in real estate and communications services companies.
The gains extended a winning streak for stocks into its third day. Stocks have been trending higher for much of the week as investors have grown confident the Federal Reserve may cut interest rates as soon as the month’s end.