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Wall Street opens higher; Tesla Bitcoin Buzz helps; Dow up 175 Pts

┬ę Reuters.

By Geoffrey Smith

Investing.com – US stock markets opened higher on Monday, but generic supportive factors from stimulus packages and falling Covid-19 cases were dwarfed by news that Elon Musk’s Tesla (NASDAQ ­čÖé was selling $ 1.5 billion -Dollars of his money had converted into reserves.

The move exposes the electric car maker to the volatility of an asset whose price is very volatile and whose usefulness has yet to be proven. However, it also gives the army of avid retailers who have backed Tesla’s stock so far another argument to propel them even higher in the short term. Bitcoin prices rose 13.5% on the news to over $ 43,400, a new record high, while Tesla stock rose 2.2%.

At 9:40 a.m. ET (1440 GMT) it was 178 points, or 0.6%, to 31,326 points, a new all-time high. That rose by 0.5% and that rose by 0.6%

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