The record close occurred despite US 20 year and 30 year Treasury yields hitting 24 year highs and an ISM Services PMI reading that came in lower than expected. Investors focused on the long term benefits of artificial intelligence to override rising borrowing costs, with Interactive Brokers strategist Steve Sosnick noting that AI benefits are viewed by some as essentially infinite. Analysts now question whether higher financing costs will eventually slow AI investment for smaller companies unable to absorb the expense.
Tuesday, October 20, 2026
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Nasdaq Posts Record Daily Close of 27,477 on AI Rally
US Markets15 days ago
Nvidia's 2% gain pushed its market valuation above $5.7 trillion and led the Nasdaq Composite to a record closing price of 27,477.31 on Oct. 5. The rally added $540 billion to the US stock market, while the S&P 500 climbed 0.7% to finish just 0.5% below its own all-time high. Gains in Microsoft, Meta, and Tesla further bolstered the tech-heavy index, which broke out of a 4 month trading range.
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