XL Stock Soars 86%; Elon Musk Holding Company?
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Stocks mostly ticked higher on Wednesday, the last full day of trading before Wall Street phones it in early on Thursday for Christmas Eve, with exchanges closing at 1 p.m.
Wednesday's economic data showed a 0.4% decline in consumer spending in November, the first drop in seven months and a somewhat unexpected slump. On the other hand, jobless claims were lower than economists expected, clocking in at 803,000 versus the 860,000 consensus.
Stocks did sell off in late-afternoon trading following President Donald Trump's veto of a defense spending bill and the president's criticisms of the bipartisan pandemic relief package passed by Congress.
The Dow Jones Industrial Average finished the day up 114 points, or 0.4%, ending at 30,129.
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XL Fleet soars as SPACs stay hot. XL Fleet Corp. (ticker: XL), which just went public through a reverse merger via a special purpose acquisition company, or SPAC, soared 86% on Wednesday. The company offers fleet electrification services for fleets of vehicles, proposing to accelerate the transformation from fossil fuel-powered to electric-powered automobiles.
Buy all Musk's ideas in one stock? Maybe one day. A Twitter ( TWTR) exchange on Wednesday between Tesla ( TSLA) CEO Elon Musk and Tesla investor Dave Lee is sparking intrigue over what would certainly be one of the most interesting companies of the early 21st century.
"Good idea" Musk tweeted in response to Lee's proposal to combine all of Musk's companies -- Tesla, SpaceX, Neuralink and The Boring Company -- under one large umbrella corporation. It's fascinating to be sure, and investors should never rule anything out with Musk at the helm.
