IPOE - Chamath SPAC Stokes Stock Markets; Tesla Tops $800
The stock market continued its inexorable march higher on Thursday, as even violent uprisings at the U.S. Capitol weren't enough to stop the upward momentum on Wall Street. Most major market benchmarks traded at new all-time records by Thursday afternoon. As of 2 p.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) had climbed 193 points to 31,022. The S&P 500 (SNPINDEX: ^GSPC) gained 52 points to 3,801, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) soared 297 points to 13,038.
One of the hottest areas of the market lately has been in companies coming public, and special-purpose acquisition companies have been an alternative to traditional IPOs that many privately owned businesses have chosen. Today, Social Capital Hedosophia Holdings V (NYSE: IPOE) snagged a much-followed company on the border between tech and finance. Meanwhile, Tesla (NASDAQ: TSLA) CEO Elon Musk became the world's richest person as the company's stock climbed above the $800 per share mark.
Shares of Social Capital Hedosophia Holdings V soared 44% Thursday afternoon. The stock had been up as much as 78% earlier in the day, with investors excited about the SPAC's announcement that it had found an acquisition candidate.
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Chamath SPAC Stokes Stock Markets; Tesla Tops $800