Dow Jones Industrial Average Jumps Above 27,000 For First Time Ever, S&P 500 Closes At Record High

By  //  July 11, 2019

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ABOVE VIDEO: Dow crosses the 27,000 mark for the first time.

(FOX BUSINESS) – Surging health care stocks lifted the Dow Jones Industrial Average on Thursday above 27,000 for the first time as the White House backtracked on a proposed rule to eliminate rebates that flow from drugmakers to middleman pharmacy benefit managers.

The S&P 500 also closed at a record high.

The proposed rule, which was projected to raise federal spending by $177 billion over the next decade, was poised to prohibit drug rebates for treatments offered in the Medicare and Medicaid programs beginning in 2020.

It drew intense backlash from pharmacy benefit managers (PBM), whose operations would have been significantly curbed by the action, and praise from drug companies that routinely blast PBMs as profiting off of the arrangement.

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