The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending.
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Tesla falls from record high in S&P 500 debut
Reuters
REUTERS/Lucy Nicholson
Shares of Tesla dropped in their S&P 500 debut on Monday, pulling back from record-highs as worries over a fast-spreading new coronavirus strain in Britain weighed on markets.
Tesla s stock sank about 6 percent to $653.53 by Monday afternoon in its first session in the S&P 500. The shares were the biggest drag on the S&P 500, accounting for 0.07 percentage point of the index s 0.46 percent decline, according to Refinitiv data.
Wall Street was down broadly after a more-virulent strain of the coronavirus in Britain sparked fears of fresh disruptions.
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The shares jumped 6 per cent on Friday in a day of frantic trading ahead of their S&P 500 entry.
Tesla s addition to the S&P 500 led index-tracking funds to buy $90.3 billion of shares by the end of Friday s session so that their portfolios reflected the index, according to S&P Dow Jones Indices analyst Howard Silverblatt. The change is effective prior to the open of trading on Monday, S&P said earlier in December, and Tesla is replacing Apartment Investment and Management. All the buying was done on Friday, said Keith Temperton, a sales trader at Forte Securities. The news is done now . the question now is what next.