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Nasdaq soars to record high as markets appear unsinkable – CNN

Michael Nagle/Bloomberg/Getty Images

Pedestrians passing by the Nasdaq market in New York.


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CNN

The tech-heavy Nasdaq Composite Index and S&P 500 hit record highs Thursday afternoon.

The Nasdaq closed at a new high of 16,091.92, about 35 points above the previous closing high of 16,057.44 set in November 2021 during the post-COVID-19 economic boom before the Federal Reserve began raising interest rates.

Meanwhile, the S&P 500 rose 0.5% to close at a new high of 5,096.27. It hit its last high earlier this month.

The Dow Jones Industrial Average ended the day slightly higher, rising 47 points, or 0.1%.

Thursday’s landmark moment came as shares of chip makers and artificial intelligence stocks soared and new data showed rising inflation.

The personal consumption expenditure price index, which the Federal Reserve recommends as a measure of inflation, rose 2.4% in the 12 months that ended in January, slowing from a 2.6% rise in December, according to Commerce Department data released Thursday.

The news comes as the Fed continues to hold interest rates at 23-year highs and appears in no hurry to cut them anytime soon.

Investors also welcomed remarks Thursday from Chicago Fed President Austan Goolsby.

“Even if inflation were to rise slightly for a few months…we would still be consistent with a path back to target,” he said at an event hosted by the Council on Foreign Relations in New York. “I don’t support waiting until 12-month inflation is already at 2% to start cutting rates,” he said.

Meanwhile, the market ended February on a high note. For the month, the S&P 500 rose 5.2%, the Dow rose 2.2%, and the Nasdaq rose 6.1%.

All subsectors of the S&P 500 ended the month in positive territory. Deutsche Bank analysts said the index has risen in 16 of the past 18 weeks, tying the record for winning weeks set in 1971.

The Nasdaq Composite Index is up about XX% since the beginning of the year. The tech-heavy index rose XX% in 2023, with stocks rising strongly at the end of the year as chipmakers gained momentum and optimism grew that the Fed could achieve a soft landing, or curb inflation, without triggering a recession. .

Meanwhile, Nvidia rose another 2.14% on Thursday, and is up nearly 250% from a year ago.

Bitcoin also inched closer to its all-time high on Thursday. Spot Bitcoin ETF helped push Bitcoin to levels last seen in 2021, with the digital currency briefly passing the $64,000 milestone.

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