The Nasdaq breached the 20,000-point mark on Wednesday, as a rally in technology stocks showed no signs of slowing on hopes of looser regulation under Donald Trump’s presidency and bets on AI-fueled earnings growth in the coming quarters.
The tech-heavy index rose 347.65 points, or 1.8% to close at 20,034.89 — its first close above the milestone. The index hit an all-time high of 20,055.93 points intraday trading.
It has jumped more than 33% this year, outperforming the benchmark S&P 500 and blue-chip Dow, as technology megacaps including Nvidia, Microsoft and Apple add more heft to the index with their relentless surge.
Currently, the three companies form the $3-trillion club, with the iPhone maker gaining a narrow lead.
The index hit 19,000 points for the first time in early November, when Donald Trump secured victory in the presidential election and his Republican Party swept both houses of Congress.
US equities have since been supported by hopes that Trump’s policies on tax cuts and looser regulation could support Big Tech firms, and the Federal Reserve’s monetary easing could keep the US economy humming.
On Wednesday, the Dow fell nearly 100 points or 0.2%, while the S&P 500 climbed 0.8%.
