Stock market briefly hits records as Wall Street kicks off trade in quadruple-witching Friday; Tesla set to enter the S&P 500

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U.S. stock benchmarks on Friday rose tepidly higher but enough to briefly notch record levels for the three main equity benchmarks, with investors focused on the prospect of a possible $900 billion coronavirus relief package out of Washington. The equity gauges succumbed to selling pressure as the morning wore on, with the Dow Jones Industrial Average [: DJIA] off 0.6% to reach 30,121, after touching an intraday peak at 30,343.59, the S&P 500 index advanced to an intraday record around 3,726, before retreating, off 0.6%, on Friday, while the Nasdaq Composite Index advanced to an intraday record around 12,809.60, before backsliding to a loss of 0.3%, at last check midday Friday. The day’s action marks quadruple witching on Wall Street, the simultaneous expiration of stock-index futures and individual-stock futures as well as stock-index options and individual stock options. The day coincides with high volume and potentially outsize volatility and also comes as Tesla Inc. is expected to be added to the S&P 500 index following the close of Friday trade.
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