Nasdaq 100 Adds $700 Billion in Value as US Inflation Eases
- Broad-based advance marks the biggest jump since 2020
- The tech-heavy index remains down nearly 30% this year
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Major US technology and internet stocks soared on Thursday, adding hundreds of billions of dollars in market value, after investors welcomed the latest inflation data as a positive sign about where Federal Reserve policy could be headed
Inflation cooled in October by more than what was forecast, suggesting that one of the biggest headwinds facing tech could be easing. It could also give the Fed room to slow its pace of interest-rate hikes, easing another strain on the multiple of so-called growth stocks.