shares jumped to a seven-month high Wednesday, riding on the insatiable investor appetite for mega-cap tech stocks and a string of recent positive news.
The electric-vehicle maker’s stock climbed as much as 4.3% to $230.83 in New York, on pace to record its ninth straight day of gains and the longest winning streak since January 2021. Tesla shares are up 87% this year despite some recent declines, as they rebound from last year’s 65% plunge. The brisk run has been fueled by a rush for technology and growth stocks in recent days, amid ebbing fears about a recession.
“Some of this move in Tesla is absolutely warranted as we are coming out of a downturn that was comparable to the dot-com bubble, so there is still upside in many tech stocks just based on how hard they got hit,” Ivana Delevska, chief investment officer at SPEAR Invest, said in an interview.