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US stocks add to records on bullish sentiment; Tesla falls

File picture shows Tesla introducing one of the first Model 3 cars off the Fremont factory’s production line during an event at the company’s facilities in Fremont, California, July 28, 2017. — Reuters picFile picture shows Tesla introducing one of the first Model 3 cars off the Fremont factory’s production line during an event at the company’s facilities in Fremont, California, July 28, 2017. — Reuters picNEW YORK, Oct 3 — Wall Street stocks edged higher early today, adding to records on continued optimism about third-quarter earnings despite a disappointing production update from Tesla.

All three major US stock indices ended at records yesterday following positive US and international economic data, and as investors embraced earnings forecasts projecting a healthy jump in third-quarter profits.

Traders have also greeted steps by President Donald Trump and others in Washington on tax reform. Markets did not react to a brutal shooting in Las Vegas that killed at least 59 people, viewing the calamity as a one-off event.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 22,588.47, up 0.1 per cent.

The broad-based S&P 500 climbed 0.1 per cent to 2,530.49, while the tech-rich Nasdaq Composite Index advanced 0.2 per cent to 6,528.65.

Tesla Motors dropped 1.9 per cent after it produced just 260 of the mid-priced electric Model 3 sedan, lagging the target of 1,500.

But General Motors jumped 2.4 per cent following an upgrade by Bank of America. — AFP

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