Nasdaq 100 Hits Record as Big Tech Extends Climb After Election

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.