U.S. stocks rose sharply on Monday as a rebound in U.S. services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.
Shares of Tesla surged 10% to a record high on Monday, extending their rally to nearly 40% in five sessions after analysts raised their price targets on the electric car maker following its strong quarterly deliveries.
Wall Street's major indexes were up more than 1% on Monday as data showing unexpected growth in the U.S. services sector last month and a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases at home.
Wall Street's major indexes climbed on Monday as data showing unexpected growth in the U.S. services sector last month and optimism over China's economic revival helped investors look past a surge in new cases of COVID-19 at home.
In trading on Monday, the Lithium ETF is outperforming other ETFs, up about 7.3% on the day. Components of that ETF showing particular strength include shares of Lithium Americas, up about 15.3% and shares of Tesla, up about 10.7% on the day.
What happened
Shares of Tesla (NASDAQ: TSLA) jumped on Monday, rising more than 10% as of 11:54 a.m. EDT. The gain adds to a huge run-up in the electric-car maker's stock recently. Shares are up 218% year to date and nearly 40% in the last five trading days alone.
Wall Street's major indexes climbed on Monday as data showing unexpected growth in the U.S. services sector last month and optimism over China's economic revival helped investors look past a surge in new cases of COVID-19 at home.
Wall Street's major indexes climbed on Monday as data showing unexpected growth in the U.S. services sector last month and optimism over China's economic revival helped investors look past a surge in new cases of COVID-19 at home.
In early trading on Monday, shares of Tesla topped the list of the day's best performing components of the Nasdaq 100 index, trading up 8.1%. Year to date, Tesla registers a 212.2% gain.
Consumer firms were gaining in Monday's premarket trading. Shares of staples companies in the S&P 500 (XLP) were 0.90% higher and consumer discretionary firms (XLY) were recently up more than 1%.
Wall Street's main indexes were set to open higher on Monday, with the Nasdaq eyeing another record level, as bets on China leading the revival from a coronavirus-driven downturn helped investors look past a surge in new cases of COVID-19 at home.
Investors who have missed the surge in Tesla are wondering whether they can make up for that mistake by buying Nikola (NKLA), which designs and plans to manufacture hydrogen-electric trucks.
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