NEW YORK — A zoom higher for Tesla helped drive Wall Street to more records. The S&P 500 rose 0.6% to top its all-time high set two weeks ago. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite climbed 0.8% from its own record set a day earlier. Tesla led the way after the electric-vehicle maker reported better sales for the spring than analysts feared.
But losses for some big, influential stocks were offseting that leap. Nvidia, which has become the poster child of the rush into artificial-intelligence technology, fell 1.4% and was the heaviest weight on the S&P 500. Eli Lily dropped 1.1% after President Joe Biden said in an opinion piece for USA Today that the company is charging “unconscionably high prices” for its treatment for weight loss and diabetes.
The hope on Wall Street is that inflation will slow enough to get the Fed to pull down its main interest rate, which has been sitting at its highest level in more than two decades and pressing the brakes on the economy. Treasury yields have been easing since April on strengthening hopes for just that.
Treasury yields have also been feeling some upward pressure because of politics recently. Last week’s debate between Biden and former President Donald Trump pushed traders to make moves in anticipation of a possible Republican sweep in November. That included sending Treasury yields higher, in part because of the possibility for policies that would further raise the U.S. government’s debt.In commodities markets, a barrel of benchmark U.S. crude oil fell 0.
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