Dow breaches 27,000 points for the first time; healthcare in spotlight Jul 12, 2019 0 456 12345 Reutersnew yorkUS stocks rose on Thursday on improved bets of an interest rate cut following Fed chief Jerome Powell’s dovish remarks, while healthcare stocks were mixed after the Trump administration withdrew a rule that would kill rebates.Shares of pharmacy benefit managers gained as the news meant these companies would continue to benefit from after-market discounts from drugmakers. Health insurers and drug distributors also rose.A 5.16 percent gain in UnitedHealth Group Inc helped the Dow Industrials break above 27,000 points for the first time. Cigna Corp surged more than 11 percent, leading gains in the S&P 500 index, while drug distributors such as McKesson Corp rose 1.2 percent.However, drugmakers such as Merck & Co Inc and Pfizer dropped at least 3 percent each and the Nasdaq biotech index slipped 1.47 percent.The lack of progress in Washington suggests that the healthcare industry will face ongoing political pressure, including legislative risks, Morgan Stanley analyst David Risinger said in a note.“We see no solution to the challenges drug manufacturers face regarding growing rebates.” The healthcare index, which is the worst performing S&P sector this year, was off 0.26 percent. Six of the 11 major S&P sectors were higher.The Dow Jones Industrial Average was up 197.97 points, or 0.74 percent, at 27,058.17, the S&P 500 was up 6.58 points, or 0.22 percent, at 2,999.65 and the Nasdaq Composite was up 15.21 points, or 0.19 percent, at 8,217.74.Iron Mountain slumped 7.5 percent after Bank of America Merrill Lynch downgraded the document storage company’s shares to “underperform”, citing recent declines in recycled paper pricing.A Labour Department report showed US underlying consumer prices rose by the most in nearly 1-1/2 years in June, but that was unlikely to change expectations the Fed would cut rates this month.Advancing issues outnumbered decliners by a 1.04-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.19-to-1 ratio on the Nasdaq.The S&P index recorded 43 new 52-week highs and three new lows, while the Nasdaq recorded 70 new highs and 41 new lows. Pages 12 POST A COMMENT RELATED ARTICLES Bull run continues as QSE rises for 2nd week in a row Jul 12, 2019 0 484 Vodafone Qatar to announce Q2 results on July 29 Jul 12, 2019 0 206 OPEC sees lower 2020 demand for its crude, points to surplus Jul 12, 2019 0 160 India-made top-end iPhones to hit stores next month: Source Apple’s top-end iPhones, assembled in India by Foxconn’s local unit, are likely to hit Indian stores next month, a source said, potentially helping the tech giant drop prices in the world’s second-biggest smartphone .. Asia’s spot LNG benchmark goes digital with eWindow launch Reuters SINGAPORE Price agency S&P Global Platts and clearing house Intercontinental Exchange said on Thursday they are launching an electronic platform known as eWindow to the liquefied natural gas (LNG) market. ..