The Nasdaq broke through the 20,000-point barrier on Wednesday, as a rally in technology stocks showed no signs of stopping on promises of lighter regulation under Donald Trump's administration and betting on AI-fueled earnings growth in the coming quarters.

The technology-heavy index increased 1.6% to a record high of 20001.42 points.

Currently, the three businesses make up the $3-trillion club, with Apple taking a tiny lead.

Since Donald Trump won the US presidential election in early November, US stocks have been supported by hopes that the Federal Reserve's monetary ease will keep the US economy expanding and that Trump's tax cuts and regulatory relaxation will benefit Big Tech companies.

While the Dow was under pressure from UnitedHealth's falls, the S&P 500 rose on Wednesday as the most recent inflation data supported wagers that the Federal Reserve would lower interest rates later this month.

According to a Labor Department report, albeit mostly in line with market expectations, US consumer prices rose by the most in seven months in November.

According to Tom Bruce, macro investment strategist at Tanglewood Total Wealth Management, "there were some fears that you could have had an upside surprise to inflation and that may have made the Fed rethink cutting next week."