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New York (CNN Business)Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both hit record highs Monday — while Tesla shares soared to a new all-time peak above $1,000 and sending the company's market share past the $1 trillion level.
The
Dow was up more than 75 points, or 0.2%, Monday afternoon and is now within striking distance of topping the
36,000 level for the first time. The
S&P 500 rose 0.5% and the
Nasdaq gained 0.9%.
Tesla
(TSLA) shares surged following the news of a deal to sell 100,000 electric vehicles to rental car company Hertz. An upgraded price target for Tesla stock from influential Wall Street auto analyst Adam Jonas of Morgan Stanley helped boost Tesla too.
Tesla leapfrogged Facebook in the process to become the fifth most valuable company in the S&P 500. Only
Apple
(AAPL),
Microsoft
(MSFT), Google owner
Alphabet
(GOOGL) and
Amazon
(AMZN) are worth more than Tesla.
Investors are gearing up for a busy week of corporate earnings reports. Top techs will release their latest results, with Facebook on tap Monday afternoon. The social media giant is also expected to
announce a new brand name that will focus on its growing multiverse-related business.
Apple, Amazon, Microsoft and Alphabet are set to issue their third-quarter numbers later this week.
Investors are also growing hopeful that there will be a breakthrough in talks to finalize a sweeping economic, climate change and social safety net spending passage in Washington later this week
following talks between President Biden and influential moderate Democratic Senator Joe Manchin.