Stunning rally in Big Tech drives Nasdaq to 20,000

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NEW YORK : The Nasdaq Composite Index hit 20,000 for the first time on Wednesday, putting an exclamation point on a year in which excitement over artificial intelligence and expectations of falling interest rates fueled a searing rally in technology stocks.

The top 10 companies by market value account for 59 per cent of the Nasdaq, compared to 45 per cent in 2020.

It endured a sharp drop in 2022, falling 33 per cent as inflation surged to 40-year highs and the Fed was forced to deliver a series of jumbo rate cuts.

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Category: EconomyBusiness

Markets: Singapore

Topics: Cent Wednesday Nasdaq Stocks Index Year York 2024 Investors Nvidia Expectations

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-12 @ 05:19:41 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 752 words

Reading Time: 5 minutes read

Sentences: 27 lines

Sentence Length: 28 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 24362198

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 49 posts per day

Year Established: 1999

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News Last Updated: 1 hours ago

Coverage Areas: Singapore

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Publisher ID: #27

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