Economy

Tesla sprints to record on higher Wall Street | Financial

Just after half past three (Dutch time), the Dow Jones index increased by 0.5 percent to 29,346 points. The broad S&P 500 rose 0.4 percent to 3569 points and the Nasdaq tech exchange rose 0.4 percent to 11,947 points.

Pharmaceuticals Pfizer and Moderna indicated that they could start an vaccination program quickly. Their vaccines are about to be approved. The British-Swedish AstraZeneca also came with encouraging reports about a corona vaccine.

ExxonMobil and Chevron increased in value by 1.4% and 1.6%. Shares of oil and gas producers are being pushed forward by increased oil prices.

Pfizer and Moderna were up 0.4% and 4%. The shares of companies in sectors where the corona crisis has hit mercilessly, are also on the rise. Airlines such as Delta Air Lines, American Airlines and Southwest Airlines increased by up to 2 percent, hotel chains like Hilton and Marriott increased to 1.9 percent.

Tesla in the meantime on record

Tesla showed a new peak of $ 507.6 with a plus of 3.6% in the meantime. The electric car maker received fan mail from investment company Wedbush who raised its base case price target from $ 500 to $ 560 due to an expected acceleration in demand for, among others, the market leader’s cars. The recent entry into the S & P500 and optimism about the sustainable profit path are also highlighted.

Meanwhile, the number of coronavirus infections continues to rise sharply, also in the United States. On Sunday alone, 84,000 hospitalizations were added in the US. The question is whether Americans can celebrate Thanksgiving with friends and family later this week, partly because of the travel restrictions that apply.

Important days for retailers will come with the Black Friday and Cyber ​​Monday bargain festivities. Many consumers will traditionally use the discount promotions to stock up on gifts for the holidays. Partly due to the corona crisis, Black Friday is also increasingly becoming an online buying event.

Furthermore, after the opening bubble, the markets are still processing figures on the US industry and services sector. According to market researcher Markit, activity in the US grew less strongly in November than in the month before.

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