STOCK MARKET UPDATE
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The popular averages closed well to the upside on Tuesday. Pressure from institutions selling stocks to raise cash for the Alibaba IPO ended late morning when the window was closed. Producer prices were unchanged in August. Wednesday afternoon the FOMC will report on the monetary policy meetings held this week. Meanwhile, the prices of crude oil and gold rose on Tuesday.
In the American automaker sector on Tuesday, General Motors (GM +0.2%) rose after announcing a cutback at its Russian plant and expansion at a Missouri plant. Ford (F +0.3%) rose after scheduling an investors’ conference for September 29. Tesla Motors (TSLA +2.7%%) gained after ISI Group late Monday initiated coverage with a Buy rating and $320 price target. Early Tuesday, Global Equities Research advised buying TSLA on any weakness, since they believe the fundamentals are still strong and intact. They’ve given it an Overweight rating and $385 price target. Late in the afternoon Monday, the Massachusetts Supreme Court issued a ruling that Tesla must be allowed to sell and service its cars directly to consumers, rather than through franchised dealerships. SolarCity (SCTY –0.3%) which has relationships with Tesla, fell despite announcing an improved solar power system for business customers.
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