Tesla Jumps 15.3%

Insiders say China has granted approval for launch of company's 'Full Self-Driving' tech
By Newser Editors and Wire Services
Posted Apr 29, 2024 3:38 PM CDT
Tesla Stock Jumps 15.3% After Musk's China Trip
The Tesla logo is displayed at the company's store in Cherry Creek Mall in Denver.   (AP Photo/David Zalubowski, File)

Stocks edged higher Monday as Wall Street readies for a week packed with potentially market-moving news.

  • The S&P 500 rose 16.21 points, or 0.3%, to 5,116.17.
  • The Dow Jones Industrial Average climbed 146.43 points, or 0.4%, to 38,386.09.
  • The Nasdaq composite rose 55.18 points, or 0.3%, to 15,983.08%.
Amazon and Apple will report their latest earnings results this week, along with roughly a third of the companies in the S&P 500, the AP reports. The Federal Reserve will also announce its latest decision on interest rates Wednesday, with virtually everyone expecting it to stand pat. The US government's monthly jobs report will hit on Friday.

So far, corporate reports have largely been better than expected, with roughly half the S&P 500's reports in, highlighted last week by Alphabet, Microsoft and others. Domino's Pizza added to the pile Monday, reporting stronger-than-expected results thanks to a second straight quarter of rising orders for deliveries and carryout. Its stock steamed 5.6% higher. Tesla was also a big force pushing upward on the market. It jumped 15.3% after its CEO, Elon Musk, met with a high-ranking Chinese official as it tries to rev up sales in the world's largest automobile market. Sources tell the Wall Street Journal that Musk won tentative approval to launch the company's "Full Self-Driving" tech in China.

On the losing end was SoFi Technologies, which fell 10.5%. The financial services company reported better results for the latest quarter than analysts expected, but its forecast for net income in the current quarter fell short. (More stock market stories.)

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