The S&P 500 rose to a fresh record high on Tuesday as the strong third quarter earnings season continues to boost investor confidence heading towards the end of the year. The Dow Jones Industrial Average and Nasdaq also reached all time highs, with the former rising by nearly 139 points by the end of the trading session.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): +0.37% or +16.98 points to 4,630.65
Dow Jones Industrial Average (NYSE: DIA): +0.39% or +138.79 points to 36,052.63
Nasdaq Composite Index (NASDAQ: QQQ): +0.34% or +53.69 points to 15,649.60
Facebook to end its facial recognition system:
Facebook (NASDAQ: FB) announced Tuesday that it will end its facial recognition system amid heightened criticism surrounding the social media website.
The social network, , whose parent company is now called Meta, explained in a blog post that the website will no longer automatically recognize people's faces in photos or videos. Facebook services that rely on the system will be removed in the coming weeks.
The company said it will delete more than 1 billion individual facial recognition templates under the new change, impacting more than a third of Facebook's daily active users that opted into the system.
"There are many concerns about the place of facial recognized technology in society, and regulators are still in the process of providing a clear set of rules governing its use," the company said. "Amid this ongoing uncertainty, we believe that limiting the use of facial recognition to a narrow set of cases is appropriate."
Tesla, Hertz deal under pressure following Musk tweet:
Shares of Tesla (NASDAQ: TSLA) came under pressure during early trading on Tuesday after CEO Elon Musk tweeted that the electric carmaker has yet to finalize its deal with Hertz (OTC: HTZZ). Last week, Tesla announced a deal with the rental company to add 100,000 Model 3s to its fleet through 2022.
Musk added in the tweet that regardless of the deal, the partnership will have "zero impact" on Tesla's bottom line.
However, Hertz said Tuesday that it has already started receiving Tesla cars, saying in a statement:
"As we announced last week, Hertz has made an initial order of 100,000 Tesla electric vehicles by the end of 2022 and is investing in new EV charging infrastructure across the company's global operations. Deliveries of the Teslas already have started, and consumer reaction to our commitment to lead in electrification has been beyond our expectations."
Here's how market benchmarks started trading soon after open:
S&P 500 Index: +0.13% or +5.97 points to 4,619.64
Dow Jones Industrial Average: +0.03% or +10.99 points to 35,924.83
Nasdaq Composite Index: +0.10% or +15.30 points to 15,611.21