The S&P 500 index hit a record high at the open on Wednesday, boosted by healthcare stocks, as bets of an interest rate cut were spurred by fears of a slowing global economy due to simmering trade tensions.

This is the second time the benchmark index has hit an intraday all-time high this week.

The Dow Jones Industrial Average .rose 45.64 points, or 0.17%, at the open to 26,832.32.

The S&P 500 opened higher by 5.07 points, or 0.17%, at 2,978.08. The Nasdaq Composite  gained 20.48 points, or 0.25%, to 8,129.57 at the opening bell.