US stocks have risen against the backdrop of Tesla’s valuation milestones, with US oil prices hitting a record high since 2014.
The S & P 500 Index for Best Equity rose 0.5%, closing at its second highest in the last three sessions. This progress was driven by consumer-centric stocks and businesses that are in a position to profit from rising commodity prices.
The technology-intensive Nasdaq Composite rose 0.9%, but was about 1% below its record closing in September.
Electric car maker Tesla became the first car maker to reach a market capitalization of $ 1 billion after the rental company Hearts announced that it had ordered 100,000 cars, up 13%.
Movements at the largest tech companies such as Amazon and Apple have been more modest as investors await a surge in third-quarter earnings announcements.
U.S. oil prices are on Monday as crude oil supplies are not keeping up with the surge in global demand, according to traders, and analysts said a broader energy crisis is spreading to the oil market. It exceeded $ 85 a barrel for the first time in seven years.
The US benchmark West Texas Intermediate settled flat that day at $ 83.76 after hitting a high of $ 85.41 a barrel, up 2% on Monday morning.
Brent, the global crude oil benchmark, also surged and then fell to $ 85.99. This is a 0.5% increase on the day.
Read more about market movements that day here..
Latest News Update: S & P 500 Ends with Record Boost from Tesla, Energy Stocks
Source link Latest News Update: S & P 500 Ends with Record Boost from Tesla, Energy Stocks