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Dow rallies 200 points to close above 27,000 for the first time ever

• https://www.cnbc.com, Fred Imbert

The 30-stock average broke above 27,000 for the first time in its history, rising 227.88 points, or 0.9% to 27,088.08. The Dow first closed above 26,000 in January of 2018, so it's been a little more than a year-and-half trek between 1,000 point moves. The gains were largely driven by expectations the Fed will cut rates, insulating the market from a slowing economy and a trade battle with China.

Microsoft has been the best-performing Dow stock since the index's first close above 26,000, surging around 50% in that time. Visa, Cisco Systems and Nike are also up sharply since then.

"This week solidified the fact that the market doesn't need, it doesn't want, it's demanding a rate cut from Powell," said Jeff Kilburg, CEO of KKM Financial. "I do have a little bit of caution going into the earnings season because we have some forward-guidance uncertainty with the trade tensions, but the wind in the sails continues to be that dovish stance from Powell."

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