The tech-heavy Nasdaq composite index broke records on Thursday afternoon, closing at a new high of 16,091.92.
That’s above its last closing high of 16,057.44, reached in November 2021, in the post-Covid economic boom before the Federal Reserve began raising rates.
Thursday’s landmark moment came as shares of chipmakers and artificial intelligence stocks shot upwards, and after fresh data showed progress on inflation.
The Personal Consumption Expenditures price index, the Fed’s preferred measure of inflation, was up 2.4% for the 12 months that ended in January, a slowdown from December’s 2.6% increase, according to Commerce Department data released Thursday.
The news comes as the Fed holds interest rates at a 23-year high and looks to be in no rush to cut anytime soon.
This is a developing story and will be updated.
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