Stocks are drifting lower although still near a record high as a holiday-shortened week gets off to a sluggish start. The S&P 500 edged 0.1% lower in Tuesday afternoon trading and is just below its all-time closing high set last month.
The latest sale is a boon for the group of seven lenders, including Bank of America, Barclays and MUFG, who have been saddled with the debt since stumping up $12.5bn in October 2022 to fund Musk’s purchase of the social media platform, which he renamed X.