The stock market saw a surge today as the US GDP rose higher than expected and Tesla stock jumped.
Futures rose in the morning as investors reacted to the news that the US economy grew 4.1% in the fourth quarter of 2020, beating expectations of 3.5%. The strong GDP report was seen as a sign of a strong recovery from the economic downturn caused by the coronavirus pandemic.
The Nasdaq Composite rose nearly 1%, as Tesla’s stock jumped more than 5% after the company reported better-than-expected earnings. Tesla’s stock has been on a tear in recent months, rising over 500% in the past 12 months.
Despite the strong GDP report and Tesla’s stock surge, the Dow Jones Industrial Average opened lower, with some investors wary of the market’s recent rally. However, the index later recovered, and the technical analysis suggests the index could extend its gains.
Overall, it was a positive day for the stock market, with the US economy showing signs of recovery and Tesla’s stock continuing to surge.
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