Wall Street Soars: Dow Climbs on Interest Rate Cut Hopes
The Dow surges to record highs as investors expect an interest rate cut by the Federal Reserve in September. UnitedHealth shares climb after Warren Buffett increases his stake. The healthcare sector leads gains, while tariff concerns and weak forecasts for chipmakers create uncertainty in the market.
The Dow Jones Industrial Average was poised for a new record high on Friday, fueled by anticipation of a Federal Reserve interest rate cut in September. UnitedHealth's impressive premarket surge, prompted by Warren Buffett's investment, contributed significantly to this ascent.
The healthcare sector emerged as the standout performer of the week amid escalating industry costs, overcoming a 46% slump in UnitedHealth shares earlier this year. The gains propelled the benchmark S&P 500 to its best weekly performance in three weeks.
Other insurers also saw share price increases, while stable retail sales data and growing tariff-induced import prices raised inflation concerns. Additionally, U.S. chip equipment makers faced challenges due to disappointing forecasts and tariff-related risks.
(With inputs from agencies.)
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