Stunning Rally in Big Tech Drives Nasdaq to 20,000

STOCK MARKET - 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 tech-heavy index is up more than 33% on the year, driven by a cluster of giant technology-focused companies including Apple, Nvidia, Google-parent Alphabet and in recent weeks, electric carmaker Tesla. Wednesday’s gains came after a U.S. inflation report that cemented expectations of a Fed rate cut next week.