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Tesla to join the S&P 500 in December | DW

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The Dow Jones Industrial Average rose 69 points, or 0.2%, to 29852 shortly after the opening bell.

Stocks that stormed higher this month on hopes that a vaccine or two may get the global economy back to normal next year receded amid the worries.

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Federal Reserve Chairman Jerome Powell on Tuesday cautioned that the economy faces significant challenges and uncertainty because of the increased spread of the coronavirus.

The pan-European STOXX 600 index rose 0.41% and MSCI's gauge of stocks across the globe gained 0.19%.

With a stock market value over $400 billion, Tesla will be among the most valuable companies ever added to the widely followed stock market index, larger than 95 percent of the S&P 500's existing components.

But the gains faded as traders anxious anew about the economic fallout from governments across the US bringing back varying degrees of restrictions on businesses in response to a recent surge in coronavirus cases.

Although, di company admission to di S&P 500 no go happun till December 21. Coronavirus counts and hospitalizations are up in states across the country, and health experts are warning about the possibility of a brutal winter. Additional lockdown orders would keep customers away from businesses.

Further still, there is some evidence to suggest making it into the prestigious S&P 500 can hurt a stock's performancebecause the increase in passive holders gives rise to less active shareholders which can lead to a series of other pitfalls. France's CAC 40 and Germany's DAX returned 0.5%.

Frankfurt and Paris both finished 0.5 per cent higher, while London added 0.3 per cent. Japan's Nikkei 225 fell 0.4%. South Korea's Kospi added 0.3%, Hong Kong's Hang Seng climbed 0.5% and stocks in Shanghai added 0.2%.

Prices for the 10-Year Treasury were unchanged, keeping yields at Tuesday's 0.87%.

USA stocks retreated from record closing highs on Tuesday, ending lower as surging COVID-19 cases, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.

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