Tesla Shares Jump as Stock Market Rises for Third Consecutive Day
The electric car company got a boost from strong May sales numbers.
The stock market posted its third consecutive day of gains, after reports that the U.S. may delay imposing tariffs on Mexican goods next week. An afternoon rally left the three major stock indexes up moderately. The Entrepreneur Index™ closed the day up 0.61 percent, with Tesla leading the way.
The electric vehicle-maker has put a convincing brake on the plunge in its share price through most of last month. It was up 4.76 percent today after the company reported May vehicle sales increased 73 percent compared to last year. The stock is up more than fifteen percent in the last three days, though it's still down 38.1 percent on the year.
Trade sensitive stocks continued to fare well this week. Whiskey-maker Brown-Forman Corp., a favorite target for retaliatory tariffs, was up 3.27 percent today and over ten percent in the last three days. Estee Lauder Companies also gained 2.32 percent as fears about tariff battles seem to have moderated.
Clothing retailers had a rough day. Victoria's Secret lingerie maker L Brands was down 4.14 percent, the biggest decline on the Entrepreneur Index™ today. Gap Inc. (-2.49 percent) and Ralph Lauren Corp. (-1.36 percent) also fell sharply.
Food-maker J.M. Smucker Company was down 2.31 percent despite beating quarterly earnings estimates today and raising its forecast for full-year profits. The company reported lower than expected sales in the quarter. Mall-REIT Macerich Company had the second biggest loss on the index today, falling 3.75 percent.
Other notable losses included Fedex Corp, down 1.1 percent, and Simon Property Group, off 0.8 percent.
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.
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