Thu. Dec 8th, 2022

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Nasdaq ends at record high

1 min read

NASDAQ

Wall Street rose on Wednesday, with the Nasdaq closing at a record high as investors awaited a potential fiscal economic stimulus package and after the Federal Reserve repeated a pledge to keep its benchmark interest rate near zero.

Stocks traded in positive territory after the Fed promised to keep funneling cash into financial markets to fight the recession, even as policymakers’ outlook for next year improved following initial rollout of a coronavirus vaccine.

“To the extent that we are seeing a slight rise post the meeting, it likely reflects continued confidence on the part of investors who believe low rates for an extended period provides support to stock prices even at these elevated levels,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

Gains in tech stocks, many of which have benefited from changes in consumer habits because of the pandemic, pushed the Nasdaq to a record high. Microsoft surged 2.4%.

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