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HomeMarketTesla stock pulls a sharp U-turn to trade higher, toward a 3-month...

Tesla stock pulls a sharp U-turn to trade higher, toward a 3-month high

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Shares of Tesla Inc.
TSLA,
-0.42%
pulled an early U-turn to trade higher early Thursday toward a fresh three-month high, to buck the selloff in the broader stock market. The electric vehicle maker’s stock was up 0.4% in morning trading, reversing a decline of as much as 2.8%, a day after closing at the highest price ($214.24) since Nov. 3. Meanwhile, both the S&P 500
SPX,
-1.25%
and Nasdaq Composite
COMP,
-1.32%
shed 1.1%. The electric vehicle maker’s stock was by far the S&P 500’s best performer in 2023, as it has soared 74.7% year to date, while the second-best performer, Warner Bros. Discovery Inc.’s stock
WBD,
-1.17%,
has rallied 61.4%. In comparison, the S&P 500 is up 6.8% this year while the Nasdaq Composite is up 14.1%. Tesla’s recent stock surge has put Chief Executive Elon Musk in range of taking back the title of world’s richest person. According to the Bloomberg Billionaires Index, Musk was worth $191 billion, to place him second, just behind LVMH Moet Hennessy
LVMUY,
-0.97%

LVMH,
-0.28%
founder Bernard Arnault at $192 billion.

Credit: marketwatch.com

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