Finance News

Tesla is leaping practically 11% and recovering from the worst day ever

Tesla stock jumped Wednesday before the close of trading, ending the session 10.92% higher as the automaker regained ground after losing 21% on Tuesday, the worst day on the stock's history.

Tesla's shares stayed in the green for the entire session, rising steadily during afternoon trading before closing at $ 366.28, just below the daily high of $ 369. The momentum initially continued after the close of trading before the stock reversed its price. At around 5 p.m. ET shares fell around 1.4%.

Wednesday's jump doesn't make up for the heavy losses the stock suffered, however, and stocks are down more than 26% this month. A number of factors contributed to the decline, including the company, which issued $ 5 billion in shares earlier this month, as well as Tesla's largest outside shareholder, which trimmed its position.

Tuesday's sell-off was triggered by S&P Dow Jones Indices, which had decided not to include Tesla in the S&P 500, despite widespread speculation that Elon Musk's company would be included in the large-cap index.

Tesla's jump came amid a broader recovery in the tech sector. The Nasdaq Composite rose 2.71% on Wednesday, its best day since April 29. Microsoft gained 4.26% while Apple and Amazon gained 3.99% and 3.77% respectively.

For the year, Tesla shares are up 337%.

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