Gains, losses

Tesla blew away expectations with just its third quarter of positive earnings ever. The profit and cash that Tesla generated sent its shares surging to levels seen in August. Almost 60 per cent of the 2,767 stocks in MSCI’s global equity index are now in bear-market territory — down 20 per cent or more from their recent peaks. The equities rout isn’t the start of a big bear market, according to Joachim Fels at Pimco. Instead, the sell off could prove to be a healthy correction.