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Nasdaq Tops 20,000 as Tech Surge Drives Record Gains Amid Alphabet's Quantum Rally

Dec 11, 2024, 09:11 PM

US stocks rallied on Wednesday, with the Nasdaq Composite index closing above 20,000 points for the first time, as a surge in technology shares propelled the market to new highs. The Nasdaq gained 1.77%, rising 347.56 points to close at 20,034.80, posting its biggest one-day gain in a month and marking its 58th all-time high this year. The advance was driven by strong performances from major tech companies including Tesla, Apple, Meta Platforms, Alphabet, and Amazon, all reaching new all-time highs. Notably, Alphabet's unexpected quantum rally contributed significantly to the Nasdaq's milestone, as quantum computing stocks soared. The S&P 500 also advanced 0.8% to close at 6,082.97, while the Dow Jones Industrial Average edged down 0.24% to 44,140.91. The rally followed a US Consumer Price Index report that showed inflation in line with expectations, bolstering investor confidence and fueling speculation of an interest rate cut by the Federal Reserve at its upcoming meeting. The VIX volatility index tumbled as market optimism grew. The 'Magnificent Seven' tech giants now have a combined market capitalization of $18.2 trillion, with five of them hitting record highs this week.