Nasdaq 100 Hits Record as Big Tech Extends Climb After Election
- Equities rose broadly on Wednesday in the wake of the election
- The tech-heavy index has risen more than 16% off an August low
The Nasdaq MarketSite in New York, on Nov. 6.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The Nasdaq 100 Index climbed to its first record since July in the wake of the US presidential election, which added to the year’s powerful bull market in megacap tech stocks.
The index rose 2.7% on Wednesday, its biggest one-day gain since Aug. 8, and closed at an all-time high. It is now up 24% in 2024, and up 16% off an August low. The day’s gain came as investors bet the results of the election would result in a more favorable regulatory backdrop, though big tech has performed well throughout 2024 amid a boom in artificial intelligence.