Stock Watch

Tesla Shares Up By 19 Percent On Tuesday

BY Soko Directory Team · March 10, 2021 02:03 pm

KEY POINTS

U.S. tech stocks jumped Tuesday after bond yields declined, helping to drive Tesla up almost 20%, nearly wiping out five straight days of selling.

U.S. tech stocks jumped Tuesday after bond yields declined, helping to drive Tesla up almost 20%, nearly wiping out five straight days of selling.

However, Tesla is still down about 25% from its all-time intraday high of $900 per share on January 25.

Sales data published by the China Passenger Car Association also helped buoy Tesla’s share price. CPCA reported Tuesday that retail sales of passenger cars in February 2021 in China more than quadrupled to around 1.2 million vehicles compared with February 2020 numbers.

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Tech Stocks Seem To Be Roaring Back As Covid-19 Bits

Technology stocks came roaring back Tuesday as investors poured back into their growth darlings after a swift correction triggered by surging bond yields.

The Nasdaq Composite climbed more than 3% for its best day since November. Tesla shares soared 19% after a five-day losing streak. The tech-heavy benchmark closed Monday in correction territory, or more than 10% below its Feb. 12 high.

The snapback came as bond yields stabilized, easing fears that higher interest rates would make their future profits less valuable today. The 10-year Treasury yield fell more than 6 basis points to 1.52% after jumping as high as 1.62% on Monday.

There Is A Huge Potential Financial Returns From Global Markets

The financial markets have started like a rocket this year. The main global indices have incredible resilience through the current pandemic and political turmoil.

The German Stock index (DAX30) started this year up 80% from its March 2020 low. The US NASDAQ closed off last year with a gain of 43.64% and since the opening of 2021, all the main US indices (Dow Jones, S&P500, NASDAQ) keep relentlessly printing new all-time highs.

Some of the strongest performing global stocks continue to be those that are servicing the needs of a planet in lockdown.

For example, ZOOM (ZM), a video communications company that has kept the world connected and has benefitted from a 2020 share price increase of 396%. Peloton (PTON) brought health and fitness into the planet’s living rooms and was rewarded with a 434% increase.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory