Tesla drives

Electric-car maker Tesla Motors surged 8.7 percent, to $92.25, on investor confidence in CEO Elon Musk’s plan to boost his stake in the company that’s selling as much as $830 million in shares and debt.

SEC’s needs

Securities and Exchange Commission Chairman Mary Jo White is eyeing Charles Schwab executive Jeff Brown to potentially head the agency’s trading and markets division, said a person familiar with the talks.

Jobless pains

Initial jobless claims rose by 32,000, to 360,000, seasonally adjusted, in the week ended May 11, the Labor Department said. It was the largest one-week gain since November 2012.

Rates rise

Average mortgage rates rose, Freddie Mac said. The 30-year fixed-rate mortgage averaged 3.51 percent, compared with 3.42 percent the previous week and 3.79 percent a year earlier.

Pandit’s back

Citigroup ex-CEO Vikram Pandit is buying a stake in India’s JM Financial Ltd. and taking a leadership role as it seeks to set up a bank.