Is It Too Late to Buy Tesla Stock?
The tech-heavy Nasdaq-100 index is up impressively this year, with gains of 18% so far. That may seem surprising given the macroeconomic headwinds currently swirling around, including a ninth consecutive interest rate hike by the Federal Reserve last month to try and control inflation and the collapse of several banks in the U.S. and Europe.
The rally seems to be holding. The Fed has already lowered the pace of rate hikes -- raising interest rates by 25 basis points in February and March. The reduced pace of rate hikes isn't surprising given that outsized inflation is cooling. Stocks have benefited from cooling inflation and the reduced pace of rate hikes. The Nasdaq-100 entered a bull market last week for the first time in almost three years, as the index has gained over 20% since the end of December 2022.
History suggests that the Nasdaq could head even higher and deliver solid gains by the end of the year. That's why it would be a good time for investors to buy shares of Tesla (NASDAQ: TSLA), a stock that has logged terrific gains in 2023 already and is looking good for more. Let's look at the reasons why.
Source Fool.com
