Money
US stocks hit record, Tesla profits soar
The US stock market has climbed to a record high thanks to solid corporate earnings.
There’s now growing confidence the Federal Reserve will keep rates low even as robust growth takes the world’s largest economy back to pre-pandemic levels.
The S&P 500 rose while most of the 11 industry groups gained,.
Investors this week will focus on corporate earnings and U.S. economic data.
While emerging economies from India to Brazil are grappling with a Covid-19 surge or renewed curbs, the developed world is on a firmer recovery path with a faster pace of vaccination.
TESLA SOARS BUT MISSES REVENUE ESTIMATES
Tesla has beaten expectations, announcing its first quarter results after the bell.
The stock dipped slightly after hours as investors digested the numbers.
The company’s revenue sits at 10.39 billion dollars, slightly ahead of investor’s predictions.
Net profit reached a quarterly record of $438 million.
Elon Musk’s electric vehicle business reported in the first-quarter vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations.
Here’s how their numbers looked:
