U.S. tech stocks soared, pushing the Nasdaq Composite Index above 20,000 points for the first time. This surge follows a recent inflation report that increased expectations for a Federal Reserve interest rate cut next week. The Dow Jones Industrial Average gained nearly 50 points, while the S&P 500 rose close to 0.9%. The Philadelphia Semiconductor Index saw a 2.07% increase.
The Bureau of Labor Statistics reported a significant rise in the Consumer Price Index for November, aligning with market expectations. Consequently, the probability of a 25-basis-point rate cut surged to over 94%. Major gainers included Alphabet (GOOGL, Financial), which climbed 4.6%, and Tesla (TSLA), up 3.1%, both reaching new all-time highs.
