Wednesday , August 4 2021

Tesla drives Wall Street to record high By Reuters

© Reuters. FILE PHOTO: A Wall Street sign near the New York Stock Exchange, United States, September 17, 2019. REUTERS / Brendan McDermid

by Noel Randewich and Devik Jain

Jul 12 (Reuters) – Major Wall Street indexes closed at record highs Monday thanks to Tesla (NASDAQ 🙂 and bank stocks as investors await the start of the second-quarter earnings season and a slew of economic data.

* Finance, communication services and real estate were among the leaders in 11 industry indexes.

* Tesla climbed more than 4% and made a significant contribution to the S&P 500.

* Chief Executive Officer Elon Musk insisted in court on Monday that he did not control Tesla and said he did not like being the CEO of the electric vehicle company, taking the stand to defend the acquisition of SolarCity (NASDAQ 🙂 for part of the company in 2016.

* The S&P 500 Bank Index rose ahead of this week’s quarterly earnings reports from major banks including Goldman Sachs (NYSE 🙂 and JPMorgan (NYSE) on Tuesday, both stocks soaring more than 2% and supporting shares.

* Investors will be watching the reports closely for early clues about how long the recovery in the US economy will last. According to IBES data from Refinitiv, earnings per share of S&P 500 companies are expected to increase by 66% in the June quarter.

* The S&P 500 is up nearly 17% so far this year, with some investors wondering how long Wall Street’s rally could last and worried about a possible drop.

* This week, attention will focus on a number of economic reports, including US retail sales and inflation data. Additionally, Federal Reserve Chairman Jerome Powell will appear in Congress on Wednesday and Thursday to give his opinion on inflation.

* In recent sessions, investors were concerned about rising inflation and the spread of the Delta coronavirus variant, and traders oscillated between preference for economy-linked stocks and growth names among these technologies.

* The Dow Jones Industrial Average rose 0.36% to 34,996.18 units, while the S&P 500 rose 0.35% to 4,384.63 units. The Nasdaq rose 0.21% to 14,733.24 units. All three closed at record levels.

* Walt Disney (NYSE 🙂 has earned over 4%, up to two months after Marvel’s superhero movie “Black Widow” raised $80 million in its opening weekend, and announced plans to raise prices on its streaming service ESPN Plus.

(edited in Spanish by Carlos Serrano)

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