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The tech-heavy Nasdaq index soared past the 20,000 mark for the first time today, Tesla's shares reached an all-time high.


Big Tech Surge on Inflation Data, Nasdaq Soars Past 20,000


Big Tech stocks propelled the market upward on Wednesday, as investors absorbed another month of persistent inflation figures that aligned with economists' forecasts, signaling a probable Federal Reserve interest rate reduction next week.

The Nasdaq Composite (^IXIC), predominantly composed of tech stocks, climbed approximately 1.7%, fueled by a strong performance from the "Magnificent Seven" tech giants. Alphabet (GOOG, GOOGL), the company behind Google, saw its shares soar to a new peak, increasing by over 5%. Additionally, Tesla (TSLA), Meta (META), and Amazon (AMZN) all hit record highs, with Tesla marking its first record close in over three years.

The broader S&P 500 (^GSPC) advanced by about 0.8%, while the Dow Jones Industrial Average (^DJI) experienced a slight decline of approximately 0.2%.

In the cryptocurrency market, bitcoin (BTC-USD) surged, trading above $101,300 per token during afternoon trading.

The latest inflation data released on Wednesday revealed that consumer prices in November increased as expected, reinforcing expectations that the Federal Reserve will proceed with another interest rate cut in December.


CPI Rises to 2.7% in November


The most recent figures from the Bureau of Labor Statistics indicate that the Consumer Price Index (CPI) rose by 2.7% year-over-year in November, marking a small increase from October's 2.6% rise. This annual increase was in line with what economists had predicted.

On the "core" CPI measure, which excludes the fluctuating costs of food and energy, prices increased by 0.3% from October to November, consistent with the previous month's rise, and maintained an annual growth rate of 3.3% for the fourth month in a row.


Tesla's stock hits record high, closing at $424.77


Tesla stock price soared to an unprecedented record high on Wednesday, closing at $424.77, a 5.93% increase from the previous day. This marks the first time the electric vehicle maker has surpassed its prior closing peak set in November 2021, which was $409.97. The surge to this new all-time high has been largely attributed to the post-election rally following Donald Trump's victory.

Since Trump's election win on November 5, Tesla shares have skyrocketed by about 65%, fueled by optimism over CEO Elon Musk's influence in the new administration. Musk's close ties with Trump are seen as potentially beneficial for Tesla, particularly in areas like autonomous vehicle regulation and federal support for electric vehicles. Analysts from major investment firms like Morgan Stanley and Goldman Sachs have been bullish on Tesla's prospects, revising their price targets upwards and citing the company's advancements in AI and self-driving technology.

This enthusiasm has translated into significant stock market performance, with Tesla shares not only hitting but exceeding expectations, showcasing investor confidence in the company's future under the changing political landscape.



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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.

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