Tesla Inc. shares rallied to a record high on Friday, taking the electric-vehicle maker another step closer to joining an elite group of companies with market valuations of at least US$1 trillion.   

The stock jumped as much as 1.8% to touch a high of US$910, before closing at US$909.68 in New York. That drove the Elon Musk-led automaker to briefly overtake the valuation of Facebook Inc as the fifth largest US company.

The trailblazing electric-vehicle maker is up 29% this year, ahead of S&P 500 Index’s 21% advance. Meanwhile, Facebook took a heavy hit on Friday after a cautious outlook from Snapchat parent Snap Inc. weighed on the shares of ad-dependent technology companies. Facebook retreated as much as 6.1%.

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