Tesla Steering Wheel Closeup Interior © Helgidinson Dreamstime

Tech Shares Lead US Stocks to Higher Close

April 5, 2022
Tesla stock jumped 5.6% as Elon Musk's electric vehicle company reported more than 310,000 deliveries in the first quarter despite supply issues.

Tech giants led Wall Street Monday as stocks pressed higher, while U.S. officials vowed to impose more sanctions on Russia over the Ukraine invasion.

Equities rose for a second straight session ahead the release of key services sector data and minutes of last month's Federal Reserve policy meeting.

After the central bank announced the first interest rate increase last month, markets are looking for clues about the Fed's plans as more central bankers discuss the potential for large rate hikes following Friday's solid jobs data.

Meanwhile, White House National Security Advisor Jake Sullivan signaled more U.S. sanctions would be announced this week after the emergence of alleged atrocities in formerly Russian-occupied areas of Ukraine.

The Dow Jones Industrial Average climbed 0.3% to end the day at 34,921.88.

The broad-based S&P 500 gained 0.8% to 4,582.64, while the tech-rich Nasdaq Composite Index jumped 1.9% to 14,532.55.

Amazon, Apple and Google-parent Alphabet all advanced more than two percent.

Among other individual companies, Twitter surged 27.1% after Tesla Chief Executive Elon Musk disclosed he took a 9.2% stake in the social media company.

And Tesla jumped 5.6% as Musk's electric car company reported more than 310,000 vehicles were delivered in the first quarter of the year, a number that impressed many analysts given ongoing supply chain problems and the hit from Covid-19 lockdowns in Shanghai where Tesla has a factory.

Starbucks fell 3.7% as Howard Schultz, who just returned to serve as the company's interim chief executive, announced he suspended a share repurchase program as the chain navigates a challenging landscape amid a growing unionization push.

Copyright Agence France-Presse, 2022

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