S&P 500, Nasdaq hit records as coronavirus vaccine rollout begins
S 7P 500, Nasdaq hit record highs Tuesday as the first doses of the Pfizer/BioNTech COVID-19 vaccine were administered in the U.K. and the U.S. Food and Drug Administration delivered some encouraging news about the inoculation.
The Nasdaq Composite notched its fourth straight record close, up 0.5%, while the S&P 500 added 0.28% to notch its own all-time high. The Dow Jones Industrial Average, meanwhile, gained 104 points, or 0.35%, and finished just shy of its own record peak.
|I:COMP||NASDAQ COMPOSITE INDEX||12582.7735||+62.83||+0.50%|
|I:DJI||DOW JONES AVERAGES||30173.88||+104.09||+0.35%|
Tesla wants to raise another $5 billion in stock
Tesla announces plans to sell additional shares worth up to $5 billion. The company said the sales will take place "from time to time" at market prices.
Tesla has taken advantage of its stock price by selling additional shares, Tesla also had two other multi-billion dollar sales of stock earlier this year.
Tesla had $14.5 billion in cash on its books at the end of September, more than double what it had at the beginning of 2020
Tesla (TSLA) shares are up 668% this year, and market value topped $600 billion for the first time Monday, making it one of the most valuable US companies, and by far the most valuable automaker. Its shares are worth roughly as much as the next seven most valuable global automakers combined
Despite the need for cash to pay for expansion, at the start of this year CEO Elon Musk dismissed the idea of selling additional shares when asked about his plans by investors.
"We're actually spending money as quickly as we can spend it sensibly," Musk said on a January 29 call, when the company posted its first annual profit. "There is no artificial hold back on expenditures. Anything that I see that . Looks like it's got good value for money, the answer is yes, immediately. And then despite all that, we are still generating positive cash. So in light of that, it doesn't make sense to raise money."