Wall St. surges as S&P 500, Dow hit record heights ahead of heavy week of earnings



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Wall St. surges as S&P 500, Dow hit record heights ahead of heavy week of earnings

On Monday, a slew of key indices in the Wall Street had wrapped up the session with decent gains, while Wall Street bellwether S&P 500 and trade-sensitive Dow had logged fresh record highs, as Tesla Inc and PayPal stocks had proffered the biggest boost to S&P 500 alongside Nasdaq while intensifying bids for riskier assets such as tech-associated growth stocks.

Apart from a sharp uptick in Tesla and PayPal, Facebook Inc is scheduled to set off Q3, 2021 earnings’ reports of mega-cap tech conglomerates this week, which in effect had rekindled appeal for tech stocks as beforementioned and helped Nasdaq close out the session just a hair shy of 1.0 per cent.

On top of that, Washington DC-based US ELFA said earlier in the day that US business borrowings for equipment, a closely observed indicator to future business investment, rose 6 per cent in September on an annualized basis, inescapably amplifying bets that US business activities would more likely to end up the year in a jubilant tenure.

Tesla Inc., in tandem, became the first automaker to join the league of legends having had a market cap of $1 trillion alongside Amazon.com Inc., Apple Inc., Microsoft Corp alongside Google-parent Alphabet Inc, jumping as much as 14.9 per cent following a media headline that the EV industry trailblazer had landed its largest-ever order from car rental company Hertz to manufacture 100,000 EVs, while PayPal shares gained 3.76 per cent after it had told in a statement that the payment processing giant had no intention to purchase Pinterest Inc in a $45 billion buyout bid.

Wall St. torrents on earnings optimism, Tesla gains

Citing statistics, in the day’s Wall Street closing bell, trade-sensitive Dow added 0.25 per cent to 35,765.23 and benchmark S&P 500 surged 0.55 per cent to 4,569.89, while Nasdaq jumped 0.98 per cent to 15,237.60.

Meanwhile, addressing to a Morgan Stanley move which had recently raised Tesla Inc price target to $1,200 apiece from an earlier $900 per share, founder and Chief of Infrastructure Capital Management in New York, Jay Hatfield said, “(Tesla) is moving weirdly with energy but also renewables ...

people finally figured out that if natural gas is at the equivalent of $180 a barrel that is probably good for renewables. Also, it looks like we are going to get the Build Back Better law and infrastructure with a lot of tax credits for renewables, so that is positive”.