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Shares close at record highs after Tesla hits $ 1 trillion in market value
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Top line
The stock market hit new highs again on Monday thanks to a positive third-quarter earnings season so far, with investors largely optimistic about the future results of big tech companies.
Investors expect major tech earnings this week, hoping they can boost stocks further.
Keta Bentancur / Getty Images
Highlights
The Dow Jones Industrial Average rose nearly 0.2% on Monday, while the S&P 500 gained 0.5% and the tech-rich Nasdaq Composite jumped 0.9%.
The Dow Jones and S&P 500 both closed at new highs as the stock market winning streak continued on positive third quarter earnings.
Of the 117 S&P 500 companies that have posted earnings so far, some 84% have performed better than expected, according to data from Refinitiv.
While the earnings season has been bullish so far, investors are anticipating earnings from major tech companies this week, including Facebook, Alphabet, Microsoft, Amazon and Apple.
Shares of Facebook, which publishes its reports after market close on Monday, fell earlier in the day before climbing more than 1% in afternoon trading; The company has come under pressure recently following the publication of the Facebook Papers whistleblower materials.
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Tesla stock, meanwhile, jumped 12% to a new all-time high on Monday, bringing the company’s market value to more than $ 1 trillion after Hertz said it placed the largest order for the company and bought 100,000 Tesla cars.
Large number: $ 26 billion
This is how Elon Musks’ net worth surged on Monday as Tesla shares soared. With a net worth of $ 255.8 billion, according to Forbes Estimates Tesla Co-Founder & CEO Is The Richest Person On The Planet Worth More Than Any Billionaire Forbes never followed.
Key context:
The major averages have all posted solid gains so far this month, with the Dow Jones and S&P both rising over 5% while the Nasdaq has gained over 4%.
Crucial quote:
Despite supply chain concerns and labor shortages, the rising tide of profits lifts all boats and fuels the bull market fire, says Anu Gaggar, global investment strategist at Commonwealth Financial Network .
To monitor :
There could be more gains to come in the last two months of the year, predicts Ryan Detrick, chief market strategist for LPL Financial. Seasonal tailwinds, improving market internals, and clear signs of a peak in the Delta variant all provide potential fuel for stocks as the end of the year approaches.
Further reading:
Tesla reaches $ 1 trillion in market value after Hertz places largest electric vehicle order of all time (Forbes)
Pinterest shares a 12% drop after PayPal shut down rumors of a $ 45 billion deal (Forbes)
Here’s why Facebook, Twitter, and Google stocks are crashing even as the market nears all-time highs (Forbes)
Here are the biggest Facebook paper accusations: Zuckerberg drops Communist government and lets celebrities break the rules, plus (Forbes)
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Sources 2/ https://www.forbes.com/sites/sergeiklebnikov/2021/10/25/stocks-close-at-record-highs-after-tesla-hits-1-trillion-in-market-value/ The mention sources can contact us to remove/changing this article |
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