07:04 AM EST, 12/12/2024 (MT Newswires) -- Alphabet (GOOG, GOOGL) and Tesla (TSLA) shares hit record highs on Wednesday after President-elect Donald Trump appointed Andrew Ferguson as chair of the US Federal Trade Commission.

Ferguson has a "proven record" of standing up to big tech censorship, Trump said in a Truth Social blog post.

On Wednesday, Alphabet's stock closed up 5.5% to $196.71, while Tesla's shares rose 5.9% to $424.77. The EV maker surpassed $1 trillion in market capitalization on Nov. 8.

The Nasdaq Composite closed above the 20,000 level for the first time Wednesday as markets assessed official data showing that consumer inflation accelerated in line with Wall Street's projections last month.