The rebound continues, Tesla goes parabolic
American markets continued to rebound Tuesday with the Nasdaq leaping 2.1%, even though coronavirus deaths and cases are still climbing. Clearly, U.S. investors feel that the outbreak is under control. Following the same script as in many recent sessions, tech led the way.
Facebook rose 2.76%, OLED spiked over 4%, Disney rose 2.45% after modestly beating the street and meeting its subscriber target), and Microsoft made a new high after surging 3.29%. But those accomplishments paled next to the 13.73% leap that Tesla made. The e-carmaker is in the middle of an astonishing parabolic rise. Consider that since January 29 when Tesla reported, the stock has soared 55%. Tuesday morning, Tesla was up as high as 15.69%.
The TSX wasn’t as dramatic, but it did enjoy a 0.77% gain. Limited a higher rise was that both crude oil and gold sold off around 1.5%. But Canadian energy stocks saw relief today when a federal court dismissed a challenge to block the Trans Mountain pipeline. The project can now resume construction. Meanwhile, beleaguered Bombardier wants to sell its private jet division which sent the stock soaring over 13%, but it’s still hovering around all-time lows.