Tesla Soars as Dow and S&P Also Hit All-Time Highs

[Asia Economy New York=Correspondent Baek Jong-min] The Dow Jones Industrial Average and the Standard & Poor's (S&P) 500 index reached all-time highs in the New York stock market.

[Image source=Reuters Yonhap News]

On the 25th (local time), the Dow Jones Industrial Average rose 64.13 points (0.18%) to close at 35,741.15, the S&P 500 index increased 21.58 points (0.47%) to 4,566.48, and the Nasdaq index jumped 136.51 points (0.90%) to finish at 15,226.71.

With big tech companies' earnings reports scheduled for this week, Tesla's stock surged 12%, leading the overall market rally.

Tesla's stock soared 12.6% to surpass $1,000, closing after Hertz, a rental car company, announced an order for 100,000 Model 3 vehicles. Its market capitalization also exceeded $1 trillion for the first time ever.

Despite a joint investigative report by 17 major U.S. media outlets based on insider disclosures, Facebook's stock rose 1% during regular trading and was up about 3% in after-hours trading.

Facebook's third-quarter earnings announced that day showed weak revenue but profits exceeded expectations, which is believed to have driven the stock price increase. Facebook also announced a $50 billion share buyback, seemingly to appease shareholders.

Following Facebook, big tech companies such as Microsoft, Amazon, and Apple are scheduled to release their earnings consecutively this week.

Moderna rose 7.05% after announcing that its COVID-19 vaccine showed strong immune responses in children aged 6 to 11.

Digital World Acquisition Corp. (DWAC), which surged 800% last week after announcing a merger with a social media platform founded by former U.S. President Donald Trump, fell 11% that day. Short-seller Iceberg Research warned of significant uncertainties regarding DWAC investments.

PayPal and Pinterest showed mixed results. PayPal's stock rose 2% after denying acquisition rumors of Pinterest, which had caused its stock to fall last week. Pinterest's stock plunged 12%.

With West Texas Intermediate (WTI) crude oil prices surpassing $85 per barrel during the session, energy-related stocks showed renewed strength, with ExxonMobil rising 2% and Chevron up 0.9%.