Nasdaq tops 20,000 for first time as Big Tech surges, Tesla hits first record in 3 years

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Big Tech stocks led the market higher on Wednesday, as investors digested another month of sticky inflation data that met economists' expectations and likely pointed to a Federal Reserve interest rate cut next week.
The tech-heavy Nasdaq Composite (^IXIC) jumped about 1.7% amid a feverish rally in the "Magnificent Seven" tech stocks. Google parent Alphabet's (GOOG, GOOGL) shares extended gains to hit a record high, rising more than 5%. Meanwhile, Tesla (TSLA), Meta (META), and Amazon (AMZN) all also surged to record highs, with Tesla notching its first record close in more than three years.
The S&P 500 (^GSPC) rose around 0.8%, while the Dow Jones Industrial Average (^DJI) slipped about 0.2%.
In crypto, bitcoin (BTC-USD) prices soared to trade above $101,300 a token in afternoon trade.
Fresh inflation data out on Wednesday showed consumer prices rose as forecast in November, keeping the Federal Reserve on track to lower interest rates again in December.
The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 2.7% over the prior year in November, a slight uptick from October's 2.6% annual gain in prices. The yearly increase matched economist expectations.
On a "core" basis, which strips out the more volatile costs of food and gas, prices in November climbed 0.3% over the prior month, matching October, and posted an annual rate of 3.3% for the fourth consecutive month.
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