Electric vehicle company Tesla Inc (NASDAQ: TSLA) has been one of the top performing stocks of the last five and 10 years. As the company faces increased competition in the electric vehicle space, investors have often bet against the automaker.
The SPDR S&P 500 ETF Trust (NYSE: SPY) gapped up about 0.7% higher to start Friday’s trading session and rallied a total of about 1% intraday to close the day at $398.51
The move was in continuation of the massive 5.5% surge the SPY made on Thursday.
It has been a volatile few days in the S&P 500 index. On Wednesday, the index plunged as investors went risk off, mostly predicated on the cratering of the cryptocurrency markets.
As shares of Tesla Inc (NASDAQ: TSLA) declined for the fourth consecutive session on Wednesday, Cathie Wood-led ARK Investment Management bought over 39,000
Millions of dollars exchange hands every day through price action between active investors and day traders, and huge money managers transfer stocks in portfolios to stay ahead of economic trends and maximize value for their clients.