US stocks push higher, Tesla gains

New York: Wall Street stocks rose early Monday amid lingering worries over Turkey and other emerging market economies and Tesla shares advanced as Chief Executive Elon Musk elaborated on a go-private proposal.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 25,376.19, up 0.3 percent.

The broad-based S&P 500 gained 0.2 percent to 2,840.14, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 7,865.69.

The Turkish lira remained under pressure as Turkish President Recep Tayyip Erdogan sparred with US President Donald Trump following an announcement of additional US tariffs on Turkish steel and aluminum exports in protest over the detention of an American pastor.

Briefing.com analyst Patrick O’Hare said the weakness in the Turkish lira and in the India rupee fueled worry “about a contagion effect knocking down emerging market currencies.”

Meanwhile, Tesla Motors advanced 1.0 percent after Musk released a blog post explaining last week’s announcement that he hoped to take the electric automaker private.

Musk said he was in talks with the Saudi Arabian sovereign wealth fund and that he had “no question” the group would finance a transaction. US market regulators reportedly asked the company to explain Musk’s claim on Twitter that financing for a deal to take Tesla private had been “secured.”

Harley-Davidson slumped 2.8 percent after Trump signaled support on Twitter for a boycott of the company if the motorcycle maker moved jobs overseas.

The Trump tweet revived a controversy from earlier in the summer after Harley announced plans to shift some jobs overseas due to European tariffs on US exports imposed in response to Trump’s US tariffs on the European Union.

AFP

This post was last modified on August 13, 2018, 9:40 pm