Nasdaq Surges for First Close Above 20,000, Lifted by Alphabet Shares
The Nasdaq Composite surged Wednesday after November’s inflation report met economists’ projections, clearing the way for the Federal Reserve to cut interest rates again at its December meeting next week.
The tech-heavy index rose 1.8% to reach 20,000 for the first time ever, while the broad market S&P 500 gained 0.9%. The Dow Jones Industrial Average traded just below the flatline.
The broader tech space was leading the market higher, with the Technology Select Sector SPDR Fund (XLK) rising more than 1%. That puts the fund’s year-to-date gains at more than 24%. Alphabet gained for a second day on the heels of Google making a breakthrough in quantum computing with its new chip. Other tech giants like Meta and Amazon were also higher.
Nvidia, Tesla and other bull market leaders climbed following the relatively tame inflation data as well. The chipmaker ticked up more than 3%, and Tesla advanced more than 5%. Those two stocks have risen about 182% and almost 70%, respectively, year to date.
Source : CNBC
