Strong Tesla Sales Give Markets a Boost

Major indexes tick up in short trading day
By Newser Editors and Wire Services
Posted Jul 3, 2023 3:15 PM CDT
Strong Tesla Sales Give Markets a Boost
Flags adorn the facade of the New York Stock Exchange, Wednesday, June 16, 2021.   (AP Photo/Richard Drew, File)

Stocks edged higher in a shortened trading day Monday as momentum slowed on Wall Street following its powerful rally through the first half of the year, per the AP.

  • The S&P 500 rose 5.21 points, or 0.1%, to 4,455.59 and reached its highest level since April 2022.
  • The Dow Jones Industrial Average gained 10.87, or less than 0.1%, to 34,418.47.
  • The Nasdaq composite added 28.85, or 0.2%, to 13,816.77.

Tesla was the strongest force lifting the S&P 500 upward after the market heavyweight climbed 6.9%. The company said over the weekend that the number of vehicles it delivered during the spring surged by 83% from a year earlier. That was more than analysts expected, though cuts to prices may have driven some of the gains. Investors will see how much the discounts hit profits when Tesla reports its earnings on July 19. Rivian Automotive, another electric-vehicle company, jumped 17.4% after it also reported deliveries for the spring that topped analysts' expectations.

On the losing end of Wall Street was Apple, which slipped 0.8% after becoming the first US stock on Friday to finish a trading day with a total value of more than $3 trillion. Much of the rest of the market was relatively quiet following a rally where the S&P 500 climbed in six of the last seven weeks to send the index up nearly 16% for the first half of the year. Trading in the US stock market ended at 1pm Eastern time and will remain closed Tuesday in observance of Independence Day.

(More stock market stories.)

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