Tesla shares dropped in after hours trading Wednesday after posting a record loss. Earlier, the Dow and S&P 500 made modest advances. Fred Katayama reports.
Tesla shares skidded in after hours trading Wednesday. The electric car maker posted its biggest ever quarterly loss. Facebook shares headed the other way. The social network reported a 79 percent jump in quarterly profit that crushed forecasts. Earlier Wednesday, the Dow and S&P 500 hung onto modest gains after the Federal Reserve decided to hold interest rates steady. The central bank pointed to solid economic growth. People's United Wealth Management's chief investment officer John Traynor: SOUNDBITE: JOHN TRAYNOR, CHIEF INVESTMENT OFFICER, PEOPLE'S UNITED WEALTH MANAGEMENT, (ENGLISH) SAYING: "What it says about the markets going forward and the economy going forward is that the Fed is confident they're seeing even with the hurricanes, they're seeing some very good economic news, and on the inflation side, core inflation is still not to their target so inflation is not a problem for them." Estee Lauder looking good. Shares shot to a record high after the cosmetics maker forecast strong holiday sales and raised its profit estimate for the next fiscal year. European markets surged higher - led by tech stocks - but Britain's FTSE ended flat.