Wall Street Hits New Records with Tesla's Strong Performance on 7/2/2024

In a significant development for Tesla, the electric-vehicle maker's strong sales performance for the spring surpassed analysts' expectations, propelling Wall Street to new records. The S&P 500 surged by 0.6%, surpassing its previous all-time high set just two weeks ago. The Dow Jones Industrial Average also saw a 0.4% increase, while the Nasdaq composite climbed by 0.8% from its own record established a day earlier. Tesla's success played a pivotal role in this market upswing. Following remarks by the head of the Federal Reserve highlighting positive progress on inflation, Treasury yields experienced a decline, fueling optimism for potential interest rate cuts later in the year. Additionally, crude oil prices dipped after reaching their highest level since April. On Tuesday, the S&P 500 rose by 33.92 points to 5,509.01, the Dow Jones Industrial Average increased by 162.33 points to 39,331.85, and the Nasdaq composite surged by 149.46 points to 18,028.76. The Russell 2000 index of smaller companies also saw a modest rise. For the week, the S&P 500 recorded a gain of 48.53 points (0.9%), the Dow increased by 212.99 points (0.5%), and the Nasdaq surged by 296.16 points (1.7%). However, the Russell 2000 experienced a slight decline of 13.82 points (0.7%). Looking at the year-to-date performance, the S&P 500 has seen an impressive increase of 739.18 points (15.5%), the Dow has risen by 1,642.31 points (4.4%), the Nasdaq has surged by 3,017.41 points (20.1%), and the Russell 2000 has shown a modest gain of 6.80 points (0.3%).