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

US shares superior towards the backdrop of a valuation milestone for Tesla and the US oil value hitting its highest since 2014.

The blue-chip S&P 500 index rose 0.5 per cent, closing at a file excessive for the second time up to now three periods. The advance was led by consumer-focused shares and firms that stand to profit from elevated commodity costs.

The tech-heavy Nasdaq Composite climbed 0.9 per cent, although it remained about 1 per cent beneath the file shut it hit in September.

Electrical carmaker Tesla was among the many greatest risers, climbing 13 per cent and changing into the primary carmaker to hit a $1tn market capitalisation after rental firm Hertz stated it had ordered 100,000 of its autos.

Strikes within the largest tech firms equivalent to Amazon and Apple have been extra muted as buyers await a flurry of third-quarter earnings bulletins.

US oil costs rose above $85 a barrel on Monday for the primary time in seven years, as merchants wager that crude provides wouldn’t maintain tempo with fast-rising international demand and analysts stated a wider vitality crunch was spreading to petroleum markets.

West Texas Intermediate, the US benchmark, rose 2 per cent to a excessive of $85.41 a barrel on Monday morning earlier than falling again to settle flat for the day at $83.76.

Brent, the worldwide crude benchmark, additionally rose sharply earlier than falling again to $85.99, a 0.5 per cent rise for the day.

Learn extra on the day’s market strikes right here.


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