Stock Market News: Tesla Cashes In; Pepsi Gets Challenged
The stock market posted modest losses on Thursday morning, with most investors attributing the decline to renewed concerns about the COVID-19 outbreak. A new surge in reported cases reawakened fears that the disease might prove to be a longer-lasting problem than initial projections suggested, with consequent impacts on the global economy. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 185 points to 29,367. The S&P 500 (SNPINDEX: ^GSPC) fell 11 points to 3,368, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 38 points to 9,688.
Tesla (NASDAQ: TSLA) once again made news, this time for a strategic capital move that seemed to have no real impact on its stock price. Meanwhile, PepsiCo (NASDAQ: PEP) released its latest quarterly financial report, and although its numbers were generally good, there were some potential obstacles ahead for the snack and beverage giant that could pose problems in 2020.
Tesla shares remained volatile on Thursday morning, initially dropping but then recovering their lost ground. The electric vehicle specialist took advantage of the surge in its stock price to secure capital for the foreseeable future.
Source Fool.com