US stocks rise but Tesla retreats

A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City January 3, 2019. — Reuters pic
A street sign, , is seen outside New York Stock Exchange (NYSE) in New York City 3, 2019. — Reuters pic

NEW YORK, March 1 — Wall Street stocks rose solidly in early trading today, shaking off a series of lacklustre sessions in a strong start to the month of March.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 26,132.82, up 0.8 per cent.

The broad-based S&P 500 also gained 0.8 per cent, rising to 2,807.32, along with the tech-rich Nasdaq Composite Index, which was at 7,589.89.

Analysts attributed today’s strong start to an infusion of new investor funds that was likely held until the start of a new month.

had stayed close to flat all week as investors awaited further developments on the US- trade talks. While a trade agreement appears likely at this point, it is still not a done deal.

Among individual companies, Tesla Motors sank 5.1 per cent as it unveiled a version of the Model 3 sedan at US$35,000 (RM142,695), a price that the company has long promised. 

However, Chief Executive Elon Musk said he did not expect the company to turn a profit in the first quarter, an acknowledgement that revived worries over Tesla’s profitability.

Gap surged 17.3 per cent after announcing plans to split the retailer into two companies, with Old Navy going as a free-standing company and Gap, Banana Republic and other brands combined into an unnamed “NewCo.” — AFP

Source: The Malay Mail Online

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