NEW YORK, Aug 20 — Wall Street stocks advanced early today as investors moved to conclude a lackluster week on a positive note amid worries over global growth and the latest Covid-19 trends.
Major indices are on pace for weekly losses following especially difficult sessions on Tuesday and Wednesday in the wake of poor July retail sales report and the Federal Reserve signal it likely will begin tapering stimulus this year. Petroleum-linked shares have had an ugly week as the diminished outlook for energy demand hits oil prices.The broad-based S&P 500 rose 0.4 per cent to 4,424.08, while the tech-rich Nasdaq Composite Index advanced 0.6 per cent to 14,628.66.
Among individual companies, Tesla jumped 2.0 per cent after Chief Executive Elon Musk touted the electric car maker’s artificial intelligence investments in a presentation yesterday night. Shares in the electric carmaker had taken a hit earlier in the week following news that the National Highway Traffic Safety Administration had launched a probe of Tesla’s Autopilot system following a series of crashes. — AFP
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