NEW YORK: Tesla Motors overtook top US automaker General Motors in market capitalisation early on Monday as US stocks rose at the outset of a week that includes major bank earnings reports.
Tesla's share price shot up 3.3 percent to reach a market capitalisation of $51.56 billion, $1.27 billion above GM, the latest landmark in the electric car maker's rise. Tesla surpassed Ford only last week to move into the second position behind GM.
Key events this week include earnings releases on Thursday from three large banks: JPMorgan Chase, Wells Fargo and Citigroup.
Banks as a whole are projected to show earnings growth of 14.3 percent in the first quarter, according to CFRA Research.
Key US data this week include US retail sales for March, which is expected to show a decline of 0.1 percent, according to analysts.
About 25 minutes into trading, the Dow Jones Industrial Average stood at 20,707.04, up 0.2 percent.
The broad-based S&P 500 rose 0.3 percent to 2,362.77, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 5,899.93.
Wells Fargo gained 0.6 percent after it clawed back $75 million in additional compensation from two executives responsible for its fake accounts scandal.
AT&T lost 0.2 percent after acquiring spectrum holder Straight Path Communications for $1.6 billion.