Stock Market News: Tesla Strikes Back; Uber Makes Moves
The stock market finally gave up some ground on Tuesday morning, taking a pause from what's been an impressive performance in January to start the year. Earnings season continued to produce some new readings on the state of the U.S. economy, and investors kept an eye on presentations from the World Economic Forum in Switzerland for hints of what the future might bring. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) had dropped 94 points to 29,254, the S&P 500 (SNPINDEX: ^GSPC) had lost 9 points to 3,321, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had fallen 16 points to 9,373.
Tesla (NASDAQ: TSLA) has seen huge gains in recent months, and that has perhaps emboldened the car company to stand up to federal regulators in denying allegations regarding its vehicles. Meanwhile, Uber (NYSE: UBER) has also seen a sizable recovery since November following poor performance after the ridesharing specialist's IPO, and some see strategic moves that it's making as potentially building more positive momentum.
Shares of Tesla rose 6% after the electric vehicle specialist took an aggressive approach in responding to allegations that its cars are unsafe. In addition to challenging the validity of claims made in a regulatory petition, Tesla asserted that the person making the claim was a short-seller of the company's stock.
Source Fool.com
