Stock Market News: Tesla Insurance Draws Skeptics; Dollar General Keeps Shoppers Happy
Thursday morning was good for stock market investors following news from China that it would not immediately retaliate further against the most recently announced tariff increases by the U.S. government on Chinese goods. After having seen trade relations deteriorate significantly over the past week, market participants were pleased at the prospects for at least a brief pause in escalation. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 250 points to 26,286. The S&P 500 (SNPINDEX: ^GSPC) gained 29 points to 2,917, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) climbed 102 points to 7,959.
Electric vehicle pioneer Tesla (NASDAQ: TSLA) made news late yesterday when it said it would offer auto insurance to its owners, but the reception the offering got wasn't unanimously positive. Meanwhile, Dollar General (NYSE: DG) reported financial results that gave those fearing a possible recession some hope for their portfolios.
Shares of Tesla gained 2% Thursday morning on the heels of Wednesday afternoon's announcement from the electric vehicle maker that it had launched Tesla Insurance. The company billed the product as "a competitively priced insurance offering designed to provide Tesla owners with up to 20% lower rates, and in some cases as much as 30%." Insurance will be available only in California at first, with plans to add other states later.
Source Fool.com
