Stock market live updates: Nasdaq record, Ackman trims Chipotle, Tesla jumps again

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The Nasdaq rallied 0.5% to a new intraday high, led by a 1.7% jump in Amazon shares, which also scored a record. The Dow is now up about 110 points to its session high. The declines in Exxon Mobil and Goldman Sachs capped the gains in the 30-stock benchmark.  —Li

Longtime activist investor Bill Ackman trimmed by 1% his stake in Chipotle Mexican Grill, one of Pershing Square’s best investments in recent years. Filings at the Securities and Exchange Commission show Ackman’s Pershing Square sold about 215,000 shares on Feb. 6 and Feb. 7 for about $860 per share. Pershing Square Holdings, which first invested in Chipotle at around $405 per share, soared 58% in 2019, making it one of the globe’s best-performing hedge funds last year. The fund has touted Chipotle both as a smart investment as well as a return juggernaut since its initial investment in 2016. Chipotle, which returned 93% last year, accounted for 14.7% of Pershing Square Holdings gross returns in 2019. —Franck

Tesla‘s reputation as a volatile stock has been well deserved thus far in 2020. The electric car maker’s stock has posted a move of less than 1% in just five of the 26 trading days this year through Friday’s close. By comparison, the S&P 500 has had just five moves of at least 1% all year. Tesla was headed for another major move on Monday, trading more than 5% higher. —Imbert

The Dow was quick to bounce back from a 106.85-point loss, trading back around the flatline after its initial decent at the open. The S&P 500 and Nasdaq Composite also rebounded from their slight losses at the open. Shares of Amazon and Microsoft are leading the comeback—Imbert


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