Tesla overtakes GM in market value as US stocks rise

New York - Tesla Motors overtook top US automaker General Motors in market capitalization early 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% to reach a market capitalisation of $51.56bn, $1.27bn above GM, the latest landmark 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 Thursday from three large banks: JPMorgan Chase, Wells Fargo and Citigroup.

Banks as a whole are projected to show earnings growth of 14.3% 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%, according to analysts.

About 25 minutes into trading, the Dow Jones Industrial Average stood at 20 707.04, up 0.2%.

The broad-based S&P 500 rose 0.3% 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 $75m in additional compensation from two executives responsible for its fake accounts scandal.

AT&T lost 0.2% after acquiring spectrum holder Straight Path Communications for $1.6bn.