IN what appears a pointer to where the world’s automobile consumption is headed in the next decade, America’s electric car-making giant Tesla has recorded $1trillion capitalisation at the S&P 500.
US stocks, according to the Financial Times, advanced following a valuation milestone for Tesla and prices of energy stocks. On the back of this and higher US oil prices, the blue-chip S&P 500 hit its highest since 2014, as the index rose 0.5 per cent, closing at a record high for the second time in the past three sessions.
The advance was led by consumer-focused stocks and companies that stand to benefit from elevated commodity prices.
The tech-heavy Nasdaq Composite climbed 0.9 per cent, though it remained about 1 per cent below the record close it hit in September.
Tesla was one of the biggest risers, as it climbed 13 per cent and became the first to hit a $1tn market capitalisation. Rental company Hertz had said it ordered 100,000 of Tesla vehicles.
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