Tech stocks were the driving force behind the Nasdaq index’s climb|Andreas Poike|CC BY 2.0

The Nasdaq Composite, an index primarily consisting of tech and internet-related stocks, surged to a new all-time high on Thursday. It closed at 16091.92, surpassing the previous record of 16057.44 set on November 19, 2021.

The record high ended a streak of 569 trading days without reaching a new high, according to Dow Jones Market Data. It is attributed to investor optimism about multiple potential interest rate cuts by the Federal Reserve in 2024, which has since hit a snag.

However, excitement around AI innovations continues to boost tech shares.

Notably, the Dow and S&P 500 have also been setting records in 2024, highlighting a robust market performance.

The S&P 500 recorded its 14th record high on Thursday, while the Dow achieved its 14th record high of the year on February 23.