Tesla Leads Wall Street Gains at the End of a Volatile Month
The close of yesterday’s trading session marked the end of a volatile month on Wall Street, in which the S&P 500 recorded its worst month since the crash at the start of the pandemic in March 2020.
January’s final session ended with gains in the three US benchmark indices, with the Dow Jones, S&P 500 and Nasdaq Composite rising 1.17%, 1.89% and 3.41% respectively. Nevertheless, despite these gains, all three remain in the red thus far in 2022.
As noted, January was a particularly volatile month on Wall Street, as uncertainty over future monetary policy was exacerbated by tension in eastern Europe, wreaking havoc on US equities.
Technology stocks have endured an especially torrid time and few more so than Tesla, which, prior to the start of yesterday’s session, was down by 20% year to date.
However, the electric vehicle manufacturer enjoyed a positive day yesterday, managing to claw back some of its losses for the month and ending the day up by 10.86%.
Tesla’s gains came after Credit Suisse upgraded the stock to “outperform” with a price target of $1,025.
Despite positive results for the final quarter of 2021, Tesla shares came under increased pressure last week after CEO Elon Musk announced on their earnings call that the electric vehicle manufacturer would not be releasing any new models in 2022 due to ongoing chip constraints.
However, this recent sell-off presented an attractive entry point, according to Credit Suisse, who further noted that the stock “checks all the boxes” and “should recover”.
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