Shares of the electric car manufacturer Tesla (NASDAQ: TSLA) jumped on Monday and rose almost 8% as the market closed.
The stock’s profit probably reflects a combination of Elon Musk’s success with the other company SpaceX he runs over the weekend and a good market day for many growth stocks.
On Saturday, the space company SpaceX, founded and led by Musk, successfully launched two NASA astronauts on the SpaceX rocket Falcon 9 on its Crew Dragon capsule into space. The crew moored Dragon capsule at the International Space Station on Sunday, the first time that a commercial spacecraft had brought people to the ISS. For addiction trends on alphabetAt Google, the start seems to have sparked interest in Tesla – another company founded by Musk. Perhaps the successful start gave investors more confidence in the leadership of Musk.
In addition, large-cap and mega-cap growth stocks had a good day in the market, with many of them posting percentage gains well above that S&P 5000.4% rise higher. Not surprisingly, Tesla followed suit because it is a growth stock in its own right.
Tesla stocks have risen in the past few months, making up almost all of the losses since the crash of the coronavirus market. Investors are likely to be optimistic about the company’s prospects given the automaker’s introduction of Model Y and the return to production at its Fremont, California facility.