{"id":48550,"date":"2024-12-11T22:01:51","date_gmt":"2024-12-11T22:01:51","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/"},"modified":"2024-12-11T22:01:51","modified_gmt":"2024-12-11T22:01:51","slug":"stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/","title":{"rendered":"Stock Market Recap: Nasdaq Surges Past 20,000 as Tech Giants Rally"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/#Market_Performance_Major_Indexes_Hit_New_Highs\" >Market Performance: Major Indexes Hit New Highs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/#Tech_Giants_Lead_the_Charge\" >Tech Giants Lead the Charge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/#Economic_Data_and_Market_Sentiment\" >Economic Data and Market Sentiment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/#Notable_Stock_Movements\" >Notable Stock Movements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/#Looking_Ahead_Upcoming_Market_Events\" >Looking Ahead: Upcoming Market Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-nasdaq-surges-past-20000-as-tech-giants-rally\/48550\/#Why_Was_the_Market_Up_Today\" >Why Was the Market Up Today?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance_Major_Indexes_Hit_New_Highs\"><\/span>Market Performance: Major Indexes Hit New Highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. stock market saw significant gains on Wednesday, December 11, 2024, with the <b>Nasdaq Composite breaking through the 20,000-point barrier for the first time in history<\/b>. This milestone comes as tech giants continue to dominate market performance, driving overall gains across major indexes.<\/p>\n<p>The <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> rose 0.9% to 6,084.19, while the <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average dipped slightly by 0.2% to 44,148.56. The star of the day was undoubtedly the Nasdaq, which surged 1.8% to close at 20,034.89, marking a historic moment for the tech-heavy index.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Giants_Lead_the_Charge\"><\/span>Tech Giants Lead the Charge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The rally was primarily fueled by strong performances from several key tech stocks:<\/p>\n<p>1. <b>Google-parent Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>)<\/b> jumped about 5%, reaching an all-time high.<br \/>2. <b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b> also saw a significant boost, rising 5.9% to close at $424.77, a new record for the electric vehicle maker.<br \/>3. <b>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b>, <b>Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>)<\/b>, <b>Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>)<\/b>, <b>Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>)<\/b>, and <b>Meta (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>)<\/b> all posted solid gains, contributing to the Nasdaq&#8217;s record-breaking performance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Data_and_Market_Sentiment\"><\/span>Economic Data and Market Sentiment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors were buoyed by the latest Consumer Price Index (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CPI\">CPI<\/a>) report, which showed that 12-month inflation rose to 2.7% in November, matching economists&#8217; estimates. This data reinforced expectations that the Federal Reserve might cut its benchmark fed funds rate at its upcoming policy meeting on December 18.<\/p>\n<p>Market participants are now pricing in a 95% chance of a quarter-point rate cut next week, up from 86% before the inflation report&#8217;s release. This optimism has been a key driver of the recent market rally.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Notable_Stock_Movements\"><\/span>Notable Stock Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several companies made headlines with significant stock movements:<\/p>\n<p>1. <b>Netflix (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NFLX\">NFLX<\/a>)<\/b> hit a new all-time high, up about 3% to around $940, following a price target increase from JPMorgan.<br \/>2. <b>Macy&#8217;s (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=M\">M<\/a>)<\/b> shares fell approximately 10% after the company released its delayed third-quarter earnings report and adjusted its full-year outlook.<br \/>3. <b>General Motors (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GM\">GM<\/a>)<\/b> saw its stock rise nearly 3% in extended trading after announcing it would no longer fund robotaxi development by self-driving car company Cruise.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead_Upcoming_Market_Events\"><\/span>Looking Ahead: Upcoming Market Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors are keeping a close eye on several upcoming events that could impact market performance:<\/p>\n<p>1. The Federal Reserve&#8217;s interest rate decision on December 18, with expectations of a potential rate cut.<br \/>2. Adobe&#8217;s earnings report, scheduled for release after the closing bell on Wednesday.<br \/>3. Ongoing developments in artificial intelligence, particularly in the tech sector, as companies like Salesforce continue to push AI initiatives.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Was_the_Market_Up_Today\"><\/span>Why Was the Market Up Today?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market&#8217;s strong performance can be attributed to several factors:<\/p>\n<p>1. <b>Tech sector dominance:<\/b> The continued rally in big tech stocks, particularly in AI-related companies, has been a major driver of market gains.<br \/>2. <b>Positive economic data:<\/b> The CPI report aligning with expectations has boosted investor confidence in the Fed&#8217;s ability to manage inflation.<br \/>3. <b>Rate cut expectations:<\/b> The increased likelihood of a Fed rate cut next week has fueled optimism among investors.<br \/>4. <b>Strong corporate performances:<\/b> Companies like Netflix and Tesla reaching new highs have contributed to overall market sentiment.<\/p>\n<p>As we move towards the end of 2024, the stock market continues to show resilience and growth, with technology companies leading the way. Investors will be closely monitoring the Federal Reserve&#8217;s decisions and upcoming corporate earnings reports for further indications of market direction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Performance: Major Indexes Hit New Highs The U.S. stock market saw significant gains on Wednesday, December 11, 2024, with 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