December 12, 2024 – In a historic milestone, the Nasdaq Composite Index surged past the 20,000 mark for the first time, closing at 20,034.89 points after a notable increase of 1.77%. The index reached an intraday high of 20,555.93 points, driven by significant gains in major tech stocks such as Tesla and Alphabet, Google’s parent company.
Alphabet’s stock rose by 5.52%, ending the day at $195.40, with a market capitalization of $2.39 trillion. The stock achieved an intraday peak of $196.11, marking a new all-time high. Similarly, Tesla’s stock increased by 5.93% to $424.77, elevating the company’s market value to approximately $1.36 trillion, with an intraday high of $424.88.
Since November, Tesla’s continuous stock gains have significantly boosted CEO Elon Musk’s wealth, making him the world’s first billionaire with a net worth exceeding $400 billion.
Other tech giants also experienced substantial gains during this market rally. Amazon’s stock rose by 2.32% to reach $230.26, resulting in a market capitalization of about $2.42 trillion. Meanwhile, Meta’s stock increased by 2.16% to $632.68, with a market value of approximately $1.60 trillion.
On the macroeconomic front, the U.S. Labor Department’s inflation data for November, released before the market opened, aligned closely with expectations, leading traders to boost bets on a potential Federal Reserve rate cut. The CME’s FedWatch tool indicates an over 90% probability of a 25 basis point rate cut next Wednesday.
Tom Hainlin, a senior investment strategist at U.S. Bank Asset Management, stated, “The market has been on an upward trend, and there are no factors to prevent it from continuing to rise before the year ends.”
Additionally, the National Federation of Independent Business (NFIB) reported that the Small Business Confidence Index rose by 8 points in November to 101.7, the highest level since June 2021. Analysts suggest that small businesses in the U.S. hold a favorable view of President-elect Trump, who is expected to arrive in New York late Wednesday and ring the opening bell at the New York Stock Exchange on Thursday morning.
Reports suggest that Google is poised for four consecutive days of gains, following the company’s announcement two days ago about developing a powerful chip suitable for quantum computers, which has led to a significant rise in tech stocks overall. Many industry insiders on Wall Street received relevant information about this market trend earlier and adjusted their investment portfolios accordingly, resulting in greater profits.
However, how can ordinary individuals access this information? Buying the wrong specific stocks can result in substantial losses even if they receive news about which sectors are likely to rise. So how can ordinary people reference the strategies of business giants to adjust their asset portfolios?
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