S&P, Dow extends record highs, as financials, health insurers gain

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S&P, Dow extends record highs, as financials, health insurers gain

On Thursday, the 11th of July, all three key indexes of Wall Street had wrapped up the day higher, while the financial market in United States was expected to open higher on Friday (July 12th) as well, as during the preparation of the report, at midday European trading hours, July 12th, E-mini stock futures of S&P 500 were 0.2 percent up despite a growing murmur among the traders in context of a week of bizarre China data.

Nonetheless, during Thursday’s (July 11th) intra-day trading in Wall St., both Dow Jones Industrial Average and Standard & Poor 500 futures extended their rallies to record highs, after Trump administration had slumped a plan aimed at ramping up prescription drug prices, which eventually resulted in an upsurge of health insurers, while financials were lifted along with bond yields.

Gains of health insurers assisted Dow to end about 27,000 level for the first time in history, while major health insurers in US likes of UnitedHealth Group Inc. added 5.5 percent and another health insurer, Cigna Corp. climbed 9.2 percent.

Nonetheless, on the other side of the coin, prescription drug manufacturers such as Pfizer and Merck were tottered following the reveal of the news, ended the day down by 2.5 and 4.5 percent respectively. Quoting statistics, on Thursday’s (July 11th) market closure, Dow added 0.23 percent to 26,843.78 after reaching 27,000 marks briefly for the first time during early US trading hours, S&P 500 had gained 0.28 percent to 2,987.87, while Nasdaq had rounded off the day 0.38 percent higher to 8,172.44.