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29 Mar 2022

S&P 500 Rises for Third Consecutive Day Headed by Tesla Stocks

The Index Today

The S&P 500 soared for the third consecutive day on Monday spurred by the surge in Tesla shares, thereby offsetting the effects of bearish bank and fuel stocks as Ukraine and Russia prepare to resume ceasefire talks this week.

According to Reuters, Nasdaq and S&P 500 received major support from the 8.03% climb in Tesla shares. This comes after Tesla Inc. recently announced a second stock split in nearly two years which would come into effect following final shareholder authorization.

The S&P energy index sustained a major blow, falling by 2.56% after oil prices plummeted following the COVID-19 lockdown in the major Chinese commercial hub of Shanghai.

By 12:01am ET, Nasdaq Composite rose by 1.31% to 14,354.90, the S&P 500 edged higher by 0.71% to 4,575.52, while the Dow Jones Industrial Average gained by 0.27% to 34,955.89.

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