Stock Market News: Tesla to Shelter in Place; Lennar Leads Homebuilders Lower
The stock market returned to its downward trend Wednesday morning, as market participants waited impatiently to see whether lawmakers in Washington would be able to put together an economic stimulus package that would both address key problems in the economy and give hard-hit Americans the financial support they need to get through the COVID-19 pandemic. Several stocks in the Dow Jones Industrial Average (DJINDICES: ^DJI) faced downgrades from Wall Street analysts, as investors start to look at the second-order effects of some of the disruptions that the coronavirus outbreak has had. As of 11 a.m. EDT, the Dow was down 1,219 points to 20,018. The S&P 500 (SNPINDEX: ^GSPC) fell 128 points to 2,400, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 288 points to 7,046.
Tesla (NASDAQ: TSLA) has been fighting hard against the consequences of the pandemic on its business, but the electric automaker got bad news from local government officials that sent its stock below the $400-per-share mark. Meanwhile, Lennar (NYSE: LEN) was one of many homebuilder stocks that fell sharply Wednesday morning in the wake of negative comments from those following the industry.
Shares of Tesla fell 9% Wednesday morning, bringing its losses from its February highs to more than 55%. In an about-face, it appears that the electric car specialist could have to shutter its California facilities temporarily in order to comply with health regulations.
Source Fool.com