Published: Sun, April 07, 2019
Markets | By Otis Pena

US stocks trade mixed amid falling Tesla shares

US stocks trade mixed amid falling Tesla shares

The Dow Jones Industrial Average rose 58.90 points, or 0.22 per cent, at the open to 26,238.03. The S&P 500 increased 5.99 points, or 0.21 per cent, to 2,879.39, Xinhua news agency reported.

On the economic front, United States initial jobless claims, a rough measure of layoffs, registered 202,000 in the week ending March 30, a decrease of 10,000 from the previous week's revised level, the Department of Labor said on Thursday. The S&P 500 notched a six-day winning streak.

USA stocks opened higher on Wednesday.

Next week, corporate earnings will come into greater focus with major USA banks scheduled to report quarterly results.

Dow's triple-digit gains were led by rallying Boeing shares.

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2019.

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Facebook rose 1.4%, contributing to a 0.7% gain in the communication services sector, after brokerage Guggenheim upgraded the social media company's stock to "buy" from "neutral".

The S&P 500 posted 34 new 52-week highs and no new lows; the Nasdaq Composite recorded 75 new highs and 23 new lows.

Tesla stock plunged more than 8 per cent in midday trading.

They pared some losses in afternoon trading as Chief Executive Elon Musk's role at the company appeared safe, with a federal judge in Manhattan urging the billionaire to settle contempt allegations by the Securities and Exchange Commission.

Volume on USA exchanges was 6.24 billion shares, compared to the 7.33 billion average for the full session over the last 20 trading days.

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