Big Tech stocks, particularly driven by interest in artificial intelligence, helped fuel the Nasdaq’s strong performance|Ajay Suresh|CC BY 2.0

The Nasdaq composite index closed at a record high of over 20,000 points on Wednesday. Big Tech stocks, particularly driven by interest in artificial intelligence, helped fuel the strong performance.

The stocks of Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla gained more than 1% yesterday.

In 2024, the Nasdaq gained over 33%, outpacing the Dow and S&P 500, which have risen by 17% and 28%, respectively.

The rally also follows November’s inflation report, which matched economists’ expectations, increasing hope for a Federal Reserve interest rate cut next week.