Nasdaq Up 3.5%... Tesla Soars 11% (Comprehensive)

[Asia Economy New York=Correspondent Baek Jong-min] As U.S. Treasury yields fall, tech stocks are soaring in the New York stock market. Tesla's stock, which had undergone a significant correction, is rising by more than 10%.

[Image source=Reuters Yonhap News]

As of 10:30 a.m. local time on the 9th, the Nasdaq index recorded 13,066.03, up 3.5% from the previous day. The Nasdaq started with a 2% gain and expanded its rise to recover the 13,000 level.

Although the Nasdaq was considered to have entered a correction zone due to a sharp decline the day before, it is showing strong recovery as Treasury yields fell to the 1.5% range on this day.

The surge in tech stocks collectively lifted the Nasdaq index. Apple, which had plunged 4% the day before, is now up over 4%, Amazon is up 3%, and Microsoft is up 2%.

Nasdaq electric vehicle maker Tesla surged 11%, regaining the $600 level.

Tesla's stock had fallen 35% from its peak due to various negative factors until the day before, but positive news continued on this day.

Bitcoin rose to the $54,000 range, highlighting its correlation with Tesla's stock. Tesla holds $1.5 billion worth of Bitcoin.

New Street Research set Tesla's target price at $900. New Street Research projected Tesla's earnings per share to reach $12 in 2023, which is significantly higher than Wall Street's average of $7.

Despite the recent expansion of electric vehicle competition that led to Tesla's stock decline, New Street Research fueled Tesla investment sentiment by assessing that supply cannot keep up with demand.

The news that Tesla sold 180,000 vehicles in China last February was also cited as a reason for the stock price increase.

On this day, the Dow Jones Industrial Average also showed strength following the previous day. The Dow was up 0.8%.

This content was produced with the assistance of AI translation services.