Tesla Shares Cap Awful Week With Tentative Rebound
- Date: 16-May-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Tesla Shares Cap Awful Week With Tentative Rebound
(Bloomberg) -- Tesla Inc. staged a tentative comeback on Friday in the aftermath of a turbulent week that saw shares touch a two-month low and breach a key technical level that portended even more losses.
Investors had dumped the stock for four straight sessions on inflation fears and a “head scratching move” by the company’s chief executive officer.
The stock rose 3.2% Friday amid a broader market rebound. Even with that gain, shares still posted a weekly drop of 12%, the worst since February, as growing inflation concerns weighed on growth stocks trading with high multiples.