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Latest news updates: S&P 500 closes at a record on boost from Tesla, energy stocks

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 updates: S&P 500 closes at a record on boost from Tesla, energy stocks Source link Latest news updates: S&P 500 closes at a record on boost from Tesla, energy stocks

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