S&P 500 Hits All-Time High on Tech Stock Rally... Tesla Nears $900

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market showed mixed trends, but the Standard & Poor's (S&P) 500 index continued its positive momentum by hitting an all-time high.

[Image source=AP Yonhap News]

On the 21st (local time), the Dow Jones Industrial Average fell by 6.26 points (0.02%) to 35,603.08, the S&P 500 index rose by 13.59 points (0.30%) to 4,549.78, and the Nasdaq index closed up 94.02 points (0.62%) at 15,215.70.

The Dow hit an intraday all-time high again but ended slightly lower. The S&P 500 index rose for the seventh consecutive trading day, setting a new record high.

Tesla surged 3.26% to $894, supported by strong earnings. It was only $6 away from breaking the $900 mark. CNBC reported that Tesla's sharp rise led the S&P 500's gains.

Adam Jonas, a Morgan Stanley analyst, said, "Tesla may be on the path to becoming the most profitable car company in the world."

Wedbush raised Tesla's target price from $1,000 to $1,100, and Mizuho also revised it upward from $825 to $950.

NVIDIA rose 2.6%, and Netflix increased by 4.4%. Although the 10-year Treasury yield surged to 1.7%, it did not stop the tech stocks' rally.

American Airlines rose nearly 2%, buoyed by positive earnings attributed to federal government support.

IBM's stock dropped more than 9% after quarterly revenue missed expectations, but competitor HP rose over 6% on upward revisions to its earnings forecast.

This content was produced with the assistance of AI translation services.