The Nasdaq topped the 20,000-point mark on Wednesday as tech stocks' rally shows no signs of slowing on hopes for deregulation under President Donald Trump's administration and bets on AI-driven revenue growth in coming quarters. did.
The tech stock index rose 347.65 points, or 1.8%, to close at 20,034.89, surpassing the milestone for the first time. The index hit an all-time high 20,055.93 points in intraday trading.
Stocks have soared more than 33% this year, outpacing the benchmark S&P 500 and the blue-chip Dow, as technology megacaps like Nvidia, Microsoft and Apple add more weight to the index with a relentless rally.
The three companies now form a $3 trillion club, with the iPhone maker leading by a narrow margin.
The index first reached 19,000 points in early November, when Donald Trump secured victory in the presidential election and his Republicans swept both houses of Congress.
Since then, U.S. stocks have been supported by President Trump's tax cuts and deregulation policies, which have supported major tech companies, and by hopes that the Federal Reserve's monetary easing will keep the U.S. economy strong.
On Wednesday, the Dow Jones Industrial Average fell about 100 points, or 0.2%, while the S&P 500 rose 0.8%.
