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Stock to Watch this Week: Tesla

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During the past week, traders made the S&P 500 rally again and reach another record peak, this means that the second-quarter would be very fruitful, bringing more profit, especially taking in account when the reopening U.S. economy and people coming back to work.

Overall, the stock market gauge touched its fourth quarterly high in sequence last week, inspired by an additional rebound in the technology stocks sector. Most surely, traders and investors see more solid reasons to preserve bullish mood this week after Friday’s positive jobs announcement for March. 

It was recorded that the U.S. employers had additional 916,000 jobs as for the past month, surpassing the 660,000 amount that experts had forecasted. The March jobs report proves projections that the economic recovery is getting another momentum as the vaccination rollouts continue growing.

Below we focus on a stock that is being fueled by positive signs on the macro front and which would most likely become a good pick for your portfolio.

Tesla

Shares of American electric vehicle and clean energy company Tesla (NASDAQ:TSLA) would most likely see more positive momentum during the week, after the Palo Alto, California based automaker shared on Friday that it had produced more vehicles than expected in the first quarter. 

Tesla had delivered 184,800 cars globally during the first three months of the year, exceeding its last year’s record of 180,570 in the fourth quarter, the company shared this achievement in an announcement on Friday.

“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity.”

The innovative cars – Model S and Model X have also been “exceptionally well received,” the company emphasized, saying that it’s in the early stages of increasing production of both cars.

The inspiring quarterly delivery amount comes amidst worries that worldwide decrease of chips could affect Tesla’s production and delivery, especially in times when other manufacturers are battling identical issues. But Friday’s data proves the world’s largest EV maker would most surely meet its delivery targets.  

In general, the stock is down 6% this year after a solid rally in 2020. Shares ended trading on Thursday at $661.75 after losing around 1%. 

 

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