Tesla Stock Rises. It’s Been a Good Week for the EV Maker

Dow Jones2024-11-22

It’s been a impressive end to the week—so far—for Tesla stock.

Shares of the electric-vehicle maker were up 4.3% at $354.23 in early trading Friday while the S&P 500 and Dow Jones Industrial Average were up 0.3% and 0.7%, respectively.

It’s a small move for Tesla. Shares have moved an average of about 5%, up or down, since the Nov. 5 presidential election. Coming into Friday trading, Tesla stock was up almost $90 a share adding some $280 billion to its market value.

Investors believe Tesla will benefit from CEO Elon Musk backing President-elect Donald Trump’s campaign. While Trump is likely to eliminate EV purchase tax credits, making EVs, including Teslas, less affordable, he is also likely to set a federal standard for regulating self-driving cars, making it easier to put the technology on the roads.

For the market, weak economic data from Europe hit U.S. stock futures initially. Coming into Friday trading, the S&P 500 was up about 1.3% for the week.

Tesla stock was up about 6% for the week. Shares jumped almost 8% on Monday and Tuesday following reports about Trump’s plan for autonomous vehicle regulation. Tesla stock followed that up with two small losses on Wednesday and Thursday.

Recent gains left Tesla stock trading north of 100 times estimated 2025 earnings. That’s the highest valuation ratio since early 2022, according to FactSet.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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nywles
2024-11-23
nywles
Thanks

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