STORY: The Nasdaq closed at a record high above 20,000 on Wednesday, a major milestone reached with the help of rallying tech stocks that also boosted the S&P 500.

The Dow, however, didn't fare as well, dipping about two-tenths of a percent. The S&P 500 rose about eight-tenths, and the Nasdaq jumped nearly 1.8%.

A Labor Department report Wednesday showed U.S. consumer prices in November increased by the most in seven months, though broadly in line with market expectations.

That increased expectations of a quarter-percentage-point interest rate cut at the Federal Reserve's policy meeting next week.

Ben McMillan, chief investment officer of IDX Advisors, says recent data points to the market powering even higher.

"What's been a big thing in the last couple of weeks has been investors looking at the data and the so-called soft landing, or no landing for that matter. You know, so there was concerns all year about a recession that, you know, didn't materialize. And the numbers that have come out are still kind of in the Goldilocks zone. And so it's risk-on for assets."

Wednesday's stock moves included Tesla, which climbed nearly 6% to a record high as the electric vehicle maker extended a rally in the wake of Donald Trump's election victory.

Nvidia and other megacap growth stocks, including Alphabet and Amazon, also finished higher.

Original meme stock GameStop gained 7.5% after the video game retailer reported a profit for the third quarter on cost-saving efforts.

Shares of Broadcom jumped more than 6.5% following a report that Apple is working with the company to develop its first server chip specially designed for artificial intelligence.

And shares of photoshop maker Adobe, up half a percent at the close, slid nearly 9% in extended trading after the company forecast fiscal 2025 revenue below Wall Street estimates, suggesting its investments in AI were taking longer than expected to reap rewards.