$Nasdaq Composite Index (.IXIC.US)$ Wednesday, the tech-heav...

$Nasdaq Composite Index(.IXIC.US)$ Wednesday, the tech-heavy composite gained 2.9% closing at 12,854.80, officially entering a new bull market, as tracked by Dow Jones Market Data Group. The gains were fueled, in part, by a slight easing of inflation which rose 8.5% in July, down from June’s 9.1%. Still, prices remain near 40-year highs an overhang on the economy.

"If inflation continues to drop, the bull-steepening trade will gain further momentum. The Nasdaq has just rallied 20% in 55 days, which is making a lot of traders abandon the idea that this is a bear market rally" wrote Edward Moya, senior market analyst, The Americas OANDA. $Invesco QQQ Trust(QQQ.US)$ $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ $ProShares UltraPro Short QQQ ETF(SQQQ.US)$ $S&P 500 Index(.SPX.US)$ $Dow Jones Industrial Average(.DJI.US)$