Feb 29, 2024 - Business

The Nasdaq just hit a new high for the first time since 2021

Data: YCharts; Chart: Axios Visuals
Data: YCharts; Chart: Axios Visuals

The Nasdaq Composite index closed at a new high on Thursday, for the first time in over two years.

Why it matters: Investor hopes for interest rate cuts have lifted stocks out of a long bear market.

  • Fresh inflation data out Thursday morning was in line with expectations, helping fuel a nearly 1% gain for the tech-heavy index.

Zoom out: The broad S&P 500 index also hit a record high Thursday. It surpassed its 2022 high last month.

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