The S&P 500 gained 0.9% on Wednesday, moving closer to its all-time highs, while the Nasdaq 100 surged 1.7%, reaching a new record.
This rally followed November's inflation report, which aligned with economists' expectations and bolstered hopes for a likely Federal Reserve rate cut at its upcoming meeting. However, the Dow Jones lost 104 points, weighed down by a 5.6% slide in UnitedHealth shares.
Tech stocks spearheaded the rally, pushing the sector's year-to-date gains beyond 24%, with significant contributions from communication services and consumer discretionary stocks.
The "Magnificent Seven" mega-cap stocks all advanced, led by Alphabet's 5.5% surge following a quantum computing breakthrough, Tesla's 5.9% jump, and Nvidia's 3.1% rise. Meta (+2.1%), Amazon (+2.3%), and Microsoft (+1.3%) were also among the top gainers.
Source: Trading Economics
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