Federal Reserve Bank Chairman Jerome Powell said that the Fed “will act as appropriate to sustain the expansion” of the economy. The market is currently pricing in two cuts in interest rates by the Fed before year-end, giving markets a breather from on-going global trade wars.
Powell’s message along with encouraging comments from Chinese and Mexican officials about reaching trade deals with the U.S. put a charge in stock prices today. The Nasdaq Composite index was up 2.65 percent after a sharp drop yesterday. The Dow and S&P 500 indexes were up 2.06 percent and 2.14 percent respectively. The Entrepreneur Index™ closed the day with a gain of 2.29 percent.
Particularly, shares of Tesla jumped on Thursday, rising as much as 7.3%.
Additionally, the steep rise in Tesla’s stock could highly be attributed to company performance reports. Shares are on pace for their biggest three-day gain since October amid reports that a massive push to drive end-of-quarter sales could lead to record delivers for Elon Musk’s Tesla.
Electrek reported Thursday that Tesla has already delivered 33,000 cars in North America this quarter, with hopes of a similar tally for the month of June as the company incentivizes employees with new bonuses. Tesla, Electrek reports, is looking to top its record of 90,700 deliveries in the final months of last year with a stronger global tally.
“While our demand is strong, we have a lot of vehicle deliveries to catch up to in order to have a successful quarter,” Musk wrote in a company-wide email last week. “Per my earlier email, if we execute well, Q2 will be an all-time record for Tesla vehicle deliveries and an awesome victory!!.”
Tesla shares were marked 5.4% higher Thursday to change hands at $207.41 each, the highest since May 17 and a move that lifts the stock some 15.9% higher over the past three days, the best stretch since October of last year.
