A Tesla Inc. rally has taken the stock above a symbolic threshold Monday, the $420 a share at which Chief Executive Elon Musk last year said he wanted to take the electric-vehicle maker private.

The new height of $422.00, up more than 4% in midday trading, also represents a U-turn in investor confidence after sentiment was shaken in the Silicon Valley auto maker, with shares closing as low $178.97 in the past year. A surprising third-quarter profit, the unveiling of a new pickup truck and progress toward building Model 3 compact…

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