The broader US stock indices are trading higher helped by hopes of a trade deal between the US and China, with both the S&P 500 and NASDAQ Composite climbing to fresh all-time record highs. The Dow Jones Industrial Average is also up on the day, though it remains below last week’s record peak of 46,137.20.
A snapshot of the market in the first half of trading shows:
Dow Jones Industrial Average: up 93 points (+0.20%) at 45,926.77
S&P 500 Index: up 30 points (+0.46%) at 6,614.50, just shy of the new all-time high at 6,614.81
NASDAQ Composite: up 140 points (+0.63%) at 22,281.47, compared with the fresh all-time high at 22,290.61
One of the biggest stories of the day is Tesla, which is surging sharply. Shares are currently up $22.79 (+5.78%) at $418.90.
This move builds on a powerful breakout from late last week. Recall that I highlighted a key resistance level at $367.71 (click here to see the post). On Thursday, Tesla tested and closed just above that level at $368.81, signaling a potential breakout. On Friday, the stock gapped higher and raced to a high of $396.69. Today, shares gapped higher again and extended the rally.
The latest gains are being fueled by reports that Elon Musk purchased about $1 billion of Tesla stock, a headline that has turbocharged bullish momentum and helped drive the stock to the upside. The targets to get to and through – and staying above – are and $420 and then $440.
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