Dow Posts Best First Quarter Since 1999
Shares of Tesla Motors (TSLA) were jumped16.2% to $27.56 after Morgan Stanley upgraded the electric car company to overweight from equal weight and increased its price target to $70 on expectations for a shift away from internal combustion engines.
The Federal Reserve Bank of New York rejected insurer American International Group's (AIG) $15.7 billion offer to buy a subprime mortgage portfolio the government purchased from the insurer in the early days of the financial crisis. AIG's stock slipped 2.3% at $35.23.
Shares of Dendreon (DNDN) gained 5.3% to $37.41 after the U.S. Centers for Medicare and Medicaid Services said it's leaning toward backing coverage of the company's Provenge treatment for prostate cancer.
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