Tesla Motors Inc., the electric-car maker, exceeded $30 billion in market valuation after Morgan Stanley more than doubled its projected price for the stock, saying the company may disrupt the auto and energy industries.
U.S. Bancorp sold $2.75 billion of bonds after the nation’s largest regional lender reported quarterly profit that beat analysts’ expectations. A measure of corporate credit risk held at about a two-month high.
Almost two dozen states cut taxes last year, most in the belief that lower levies stimulate the economy. Not Minnesota, which raised them on high-wage earners, business sales taxes and cigarettes by $2.1 billion.