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Tesla Soars Amidst The Rubble

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December 04, 2013 AT 4:59 AM
The S&P 500 fell for the third straight day as profit-taking set in ahead of the data-heavy back half of the week. Four of the eight S&P sectors finished in the red with notable weakness in consumer discretionary financials and materials stocks. The strongest group was utilities which benefited from a drop in US Treasury yields. Elsewhere much of the high-beta stock complex was weak with notably bad action in biotechs small caps and emerging markets. However, Shares of electric-car maker Tesla Motors rose 16.5% to $144.70 after its Model S sedan was found to be defect-free by the German Federal Motor Transport Authority. The news drove optimism toward the US National Highway Traffic Administration’s inquiry into the vehicle.