The stock market ended the year on a positive note and shares ofTesla, one of the worst performing major stocks, jumped Thursday.
On the second day of the last year, stocks rose.
On Wednesday, the stock gained 3.3% and on Tuesday it lost 11.5%, but on Thursday it rose 8% to $121.68.
The 1.6% jump for the S&P 500 and a 2% gain for the tech-laden Nasdaq was spurred by the American automaker, while the DOW Jones Industrial Average rose 1%, or 330 points.
As a result of the release of the latest employment data from the Labor Department, the market cheered on any indication of a softer labor market that could lead the Federal Reserve to relent on its interest rate hikes.
The yield on the 10-year Treasury note fell two basis points.
The 499th-best performer on the S&P as of Wednesday wasTesla, which is down 70% so far this year. The stock market is on pace for its worst year since 2008.
After one of the most prosperous periods ever for stocks, the market is going to be brutal in the years to come. The Fed increased interest rates because of the highest inflation in four decades. Amazon, Meta and other high growth stocks have all fallen more than 50% so far this year.
More than one trillion dollars. That is how much the market value of the company has fallen from its November 2021 high.
Craig Erlam, an analyst with OANDA, wrote in a Thursday note that the bar is low for investors in the years to come.
Losses top $895 billion as rival carmaker warns of challenging weeks ahead.
There is a comparison between the crash of the stock ofTesla and other stocks.
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