Tech Surge Boosts Nasdaq to Milestone 20,000 Points

The Nasdaq crossed the 20,000-point mark due to a tech stock rally sparked by inflation data. Expectations of a Federal Reserve rate cut increased following a U.S. Labor Department report. Key market indices saw gains, while some stocks like Macy's and UnitedHealth faced declines.

The Nasdaq achieved a significant milestone on Wednesday, surpassing 20,000 points for the first time. Tech stocks fueled this rally as investor anticipation of a Federal Reserve rate cut soared after a recent inflation report.

A report from the U.S. Labor Department indicated a notable rise in consumer prices, aligning with market predictions and adding momentum to the Nasdaq's climb. Market forecasters are betting heavily—over 94%—on a quarter-point rate cut by the Fed next week.

Meanwhile, the Dow Jones increased slightly, while the S&P 500 also saw gains. Notable movements included rises in Alphabet and Tesla stocks, while companies like UnitedHealth and Macy's faced setbacks. Broadcom experienced growth following collaboration news with Apple, whereas Match Group suffered due to currency exchange impacts.

(With inputs from agencies.)