Stocks hit new highs: Dow tops 27,000 and S&P 500 ends just shy of 3,000

“The markets were higher at the beginning of the day based on [Federal Reserve Chairman Jerome] Powell’s testimony and him confirming what the futures markets have been telling us for a whole month: That we were going to get a rate cut,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “But then we had this Treasury auction, which apparently didn’t go so hot.”