Tesla Inc. shares on Tuesday rose the most in one day since February 2020, snapping a five-day losing streak on the back of upbeat car sales in China .
Tesla $(TSLA)$ stock ended Tuesday up 19.9% at $673.58, its highest close in a week and largest one-day percentage advance since Feb. 3, 2020.
Tuesday's rally added $106.1 billion to the company's market value, its largest one-day market-cap gain on record.
That boost alone is double the size of Ford Motor Co.'s $(F)$ $50 billion market valuation and larger than General Motors Co.'s $(GM)$ and Nio Inc.'s $(NIO)$ market valuations, at $78.7 billion and $64.9 billion, respectively.
Tesla's market cap stands at $647 billion.
It was also the stock's third-largest one-day percentage gain on record. Tesla was the best performer in the S&P 500 index Tuesday and the index's third-most active. It was the best performer in the Nasdaq 100 and second-most active stock in that index.
The losing run had helped wipe more than a quarter of a trillion dollars off the company's market cap in a little more than a month.
Tesla has also been in a bear market, or at least 20% off recent highs, since February, a situation that some on Wall Street pinned on its bet earlier this year on bitcoin .
Tesla shares have gained 454% in the past 12 months, compared with an advance of 41% for the S&P 500.
Comments