US Nasdaq Index Breaks First 20,000 Level...The S&P 500 is also at an all-time high.

On the back of expectations for a rate cut, the tech-heavy Nasdaq Composite topped 20,000 for the first time in history on the New York Stock Exchange, and the Standard & Poor's 500 Index also hit a new record high.

The Nasdaq Composite Index crossed the 20,000 mark at around 12:00 p.m. ET and hit 20,026.75 at 12:53 p.m. ET.

The rise was affected by expectations that the U.S. consumer price growth rate would cut its benchmark interest rate at the Federal Open Market Committee meeting of the U.S. Federal Reserve on the 17th and 18th in line with market expectations.

Amid this trend, the Standard & Poor's 500 also hit a new all-time high of 6,099.97 during the session.

Especially in the Nasdaq market, Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta and Tesla, which are among the big tech stocks "Magnificent 7," all continued to rise, driving the index higher.

The rise in big tech is attributed to expectations that the new administration led by President-elect Trump will ease regulations on various technologies, including the artificial intelligence industry.