Tesla drives American stocks to new high as data shows US services sector grew at fastest pace on record
US stocks hit record highs yesterday after data showed the country’s services sector grew at its fastest pace on record.
The S&P 500, America’s blue-chip index, rose 1.4 per cent to a high of 4,077.91.
The Nasdaq, which is mostly made up of tech firms, jumped 1.7 per cent to 13,705, closing in on February’s high of 14,095.
On a roll: Electric car maker Tesla rose 5 per cent as America’s Nasdaq index, which is mostly made up of tech firms, jumped 1.7 per cent to 13,552
The charge was led by Tesla, which saw a rise of 4.4 per cent, and Boots owner Walgreens Boots Alliance, Facebook and Google-owner Alphabet, which all rose more than 3 per cent.
It came after data from the Institute for Supply Management, based on a survey of industry executives, showed services activity rose to 63.7 in March, indicating strong growth, from 55.3 the month before.
On Friday, figures showed the US economy added 916,000 jobs in March, beating expectations.