|
Tesla Motors jumped 14 percent following news that the maker of electric cars blew past Wall Street's profit forecasts for its most recent quarter. Revenue soared thanks to stronger sales of its Model S. Tesla gained $19.25 to $153.48. In economic news, the government reported that the average number of people who applied for unemployment benefits over the past four weeks dropped 6,250 to 335,500. That's the lowest level since November 2007, a month before the Great Recession got underway. Gradual but steady gains for the U.S. economy and corporate profits have lifted the stock market to record territory this year. The S&P 500 index closed at an all-time high of 1,709.67 on Friday. In other Thursday trading, the better economic news out of China sent copper, widely used for electronics and to wire buildings, up 10 cents, or 3 percent, to $3.27 a pound. Gold rose $24.60, or 2 percent, to $1,309.90 an ounce. The yield on the 10-year Treasury note fell to 2.58 percent from 2.60 percent late Wednesday. Among other companies in the news: Newmont Mining rose $2.30, or 9 percent, to $28.78 and Freeport-McMoRan Copper & Gold rose $1.37, or 5 percent, to $30.80. Mining companies rose broadly along with prices for commodities such as copper. Groupon jumped $1.88, or 22 percent, to $10.60. The company named its co-founder Eric Lefkofsky as CEO late Wednesday and said it plans to buy $300 million of its own stock over the next two years. J.C. Penney jumped 86 cents, or 7 percent, to $13.66 following a news report Thursday that the department store chain is starting a search to replace CEO Mike Ullman.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.