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U.S. stocks closed sharply lower on Friday as a lack of concrete progress toward reducing U.S-China trade tensions numbed investor sentiment and overshadowed the November employment report. The Dow Jones Industrial Average fell 558.72 points, or 2.2%, to close at 24,388.95 while the S&P 500 index lost 62.87 points, or 2.3%, to 2,633.08. Nasdaq Composite Index retreated 219.01 points, or 3%, to finish at 6,969.25.
European stocks meanwhile recovered some ground, after their slump in the previous session but significant gains were capped by lack of thrust from Wall Street and Asia. The pan-European Stoxx 600 index closed up 0.7% with all sectors and major bourses in positive territory.
Tesla gets Jefferies Buy rating
Shares of electric-vehicle maker Tesla Inc were poised to wipe out the steep losses since early August, post touching a high of $387.46. The latest vote of confidence came from Jefferies analyst Philippe Houchois, who upgraded his rating on Tesla to buy from hold, saying the company looks positioned to outperform electric-vehicle peers in the coming year.
Tesla CEO Elon Musk said he may be willing to buy some of the five factories General Motors Co. plans to idle next year in an attempt to boost current production. The tide might finally be turning for Tesla Inc. investors, who have been on a choppy ride this year. The stock was up 2.4 percent at 11:29 a.m. in New York, after jumping as much as 4.5 percent to touch a high of $379.49.
Vote on Brexit terms postponed
U.K. Prime Minister Theresa May is calling off a crucial vote in Parliament on whether to approve her Brexit deal, according to a person familiar with the situation. The vote in the House of Commons to endorse the terms of the U.K.’s split from the European Union was due to be held on Tuesday evening but is now set to be rescheduled.
May’s plan to delay the vote throws the Brexit process into further turmoil. She is due back in Brussels at a summit of EU on Thursday and is expected to ask for fresh concessions in an attempt to revive the chances of getting her deal through Parliament.
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