Wall Street’s record run continues

Wall Street's record run continues

The Dow Jones, S&P 500 and Nasdaq indexes all opened higher on Tuesday, building on the record closes seen in the previous session.

Stocks were lifted by optimism over prospects for third-quarter results from US companies, combined with an upbeat manufacturing survey.

The Dow Jones rose 48.39 points, or 0.2%, to 22,605.99.

The S&P 500 climbed 2.32 points to 2,531.44 while the Nasdaq rose 11.88 points to 6,528.60.

Shares in GM rose 2.6% after the carmaker said US sales in September were up 12% from a year earlier.

GM said that with the “US economy strengthening, retail sales should remain strong for the foreseeable future”.

It also said that the regions hit by hurricanes would continue to recover, “helping spur new and used vehicle sales”.

Analysts had expected September’s car sales to be strong as drivers sought to replace vehicles damaged during the hurricanes.

However, shares in electric carmaker Tesla fell 1.8% after it failed to hit its production target for the Model 3 vehicle.

The company blamed “production bottlenecks” for making just 260 Model 3s in the third quarter, compared with its target of 1,500.

Source: BBC News

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