Stock market live updates: S&P all-time high, Tesla comeback, tech stock record

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Both the S&P 500 and Nasdaq Composite erased their losses and reached fresh all-time highs. The broader S&P 500 traded 0.1% higher while the Nasdaq was up 0.2%. At their lows of the day, the averages were down by 0.6% and 0.8%, respectively. —Imbert

Even though Judy Shelton testified in “a thoughtful and steady manner,” her confirmation as a Fed governor is “in doubt” due in part to her potential to be the next central bank chair, according to Ed Mills, Washington policy analyst at Raymond James. Shelton underwent an intensive grilling Thursday before the Senate Banking Committee, with a number of members, including some Republicans, forcefully challenging her positions. Mills noted at least three GOP senators have “substantive concerns” over Shelton, whom President Donald Trump nominated to a vacant governor’s position. An idea floated in multiple quarters suggests Shelton could be a successor to current Chairman Jerome Powell, who has been the target of frequent criticism from the president. “It would be difficult for Senators to reverse course on a potential nomination for the Fed chairmanship for a nominee that had previously been confirmed twice by the Senate for her posts,” Mills wrote. —Cox

Chipotle, Arconic, Equifax and Duke Energy are among the 25 stocks in the S&P 500 to reach a record high on Thursday. Their move higher comes despite some pressure in the broader market amid renewed coronavirus fears. Here are some other stocks that hit all-time highs on Thursday:

—Imbert, Hayes

Cerity Partners’ Jim Lebenthal made the case for Marathon Petroleum on Thursday’s “Halftime Report.” “I love this stock at this valuation,” he said. “This thing has gotten lost in the shuffle. Oil has obviously tumbled with the coronavirus, but that presents the opportunity … as the economy continues to turn up, and it has from 2019, refinery and refined-product demand will continue to go up, and earnings should go up as well.” Shares of the company have gained 9% this month, but have fallen 6% over the last year. —Stevens

Source: https://www.cnbc.com/2020/02/13/stock-market-today-live.html

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