US EditionStock Market Today: Dow Rises 400 Points; Senate Passed Tax Bil; Tesla ...
- On July 1, the Republican-controlled Senate passed Donald Trump's extensive bill aimed at prolonging tax reductions and implementing substantial cuts to social programs, forwarding it to the House of Representatives for further consideration.
- This bill followed political tension, with Elon Musk criticizing it as wasteful and Trump threatening Tesla and Musk's ventures with retribution.
- Meanwhile, major US indices closed June at record highs, with the S&P 500 gaining over 5% and the Nasdaq more than 6% for the month amid strong tech momentum.
- Tesla shares fell 5.3% after Musk's clash with Trump, while General Motors and Ford rose 5.7% and 4.6% on higher Q2 US auto sales driven by tariff concerns.
- The legislation's passage adds roughly US$3 trillion to the national debt and raises political risks that may affect investor confidence and Musk’s business interests.
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The Nasdaq and S&P 500 record-breaking chase has been completed for the time being, while the Dow is approaching its all-time high. Tesla is clearly down. This is also due to statements by US President Trump.
Dow Climbs 500 Points After Senate Passes Tax Bill
The stock market’s rally broadened on Tuesday after the Senate passed President Donald Trump’s signature tax bill. The Dow rose 500 points, or 1.1%. The S&P 500 was down less than 0.1%. The Nasdaq Composite, dragged down by struggles by Tesla and other high-flying AI stocks after a blockbuster seco
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