Stocks Rally, Nasdaq Hits Record High as Inflation Cools and Bitcoin Nears All-Time Peak
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US stocks rallied, with the S&P 500 and Nasdaq posting their best February performance in nearly a decade. The Nasdaq closed at a record high.
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A closely watched inflation measure, the PCE index, cooled in January, matching expectations. This eased concerns about more Fed rate hikes.
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Bitcoin remained above $62,000, continuing its recent rally. The cryptocurrency is nearing its all-time high from November 2021.
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Semiconductor stocks helped lead the Nasdaq's gains after the inflation data. AI-focused Nvidia and AMD hit 52-week highs.
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AMC CEO Adam Aron said he would cut his pay by 25% given the cinema chain's stock losses. He said he "feels the pain" of shareholders.