The Dow Jones Industrial Average ended 170 points higher, the S&P 500 gained 0.6% and, the Nasdaq Composite rose 0.7%

US stocks closed higher on Wednesday, with tech leading the way as investors awaited fresh inflation data and digested a dramatic turn of events in spot bitcoin exchange traded funds.

The Dow Jones Industrial Average ended 170 points higher, while the benchmark S&P 500 gained 0.6%, again edging toward its all-time high.

The Nasdaq Composite rose 0.7% as semiconductor maker Nvidia reached another record high on Wednesday. Tech giants Meta and Alphabet hit 52-week highs during the session.

Stock investors are awaiting Thursday’s US consumer inflation data for December, watching for signs of further cooling that could prompt the Fed to pivot on policy. Recent days have seen concerns rise that the market is pricing in too many interest rate cuts in 2024, as once-rampant confidence for an early cut fades.

Meanwhile, bitcoin wobbled but stayed above $45,000 after a tweet from the Securities and Exchange Commission’s X account triggered swings in the leading crypto currency on Tuesday. The regulator blamed a hack for the false post announcing it had approved spot bitcoin exchange traded funds.

A spokesperson from the Securities and Exchange Commission on Wednesday said the agency is coordinating with appropriate law enforcement entities on its investigation of the fake post.

The decision on whether the likes of BlackRock and Ark Invest can start offering the funds was expected by most to come down later on Wednesday.

Also in focus is the coming start of the Q4 earnings cycle by Wall Street banking heavyweights like JPMorgan Chase (JPM). The season will be crucial for stocks, after their rough start to the new year.