IXIC: Nasdaq Composite Blasts Above 20,000 for First Time Ever as Alphabet Surges

Google parent unveiled its almighty quantum computing chip Willow and investors powered the stock to a record closing high.

• The Nasdaq Composite IXIC soared 1.8% on Wednesday to vault its valuation above 20,000 points for the first time ever. The turbocharge came after November’s inflation report arrived in line with analysts’ projections, which was seen as the final confirmation of another interest rate cut by the Federal Reserve next week. The all-time closing high for the tech-heavy index is now 20,034.89.
• The S&P 500 and the Dow Jones posted mixed results with the broad-based S&P 500 adding 0.8% to close at 6,084.19. The 30-stock Dow flipped under the flatline after trading above it for the bigger chunk of the session and closed at a 0.2% loss to 44,148.56. November’s consumer price index met forecasts on all fronts — prices rose 0.3% month on month and 2.7% on an annualized basis. Core CPI increased 0.3% from October and 3.3% in the last 12 months.
• And with that, one tech company staged a massive rally. Alphabet stock GOOGL jumped 5.5% as the Google parent announced a possible breakthrough in quantum computing with its new almighty chip, Willow. The chip could potentially handle extremely large-scale simulations and code breaking but to see it in full flow might take years or even decades. Still, investors jumped onboard and powered the stock to a record closing high of $196.71.