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Why Tesla Stock Jumped on Wednesday

TheMotleyFool

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Shares of electric-car maker Tesla (NASDAQ: TSLA) rose sharply on Wednesday. The stock rose as much as 5.2%. As of 1:10 p.m. EDT, however, the stock was up 4.7%.

The automaker's stock was likely trading higher due (in part) to a sharp jump in Bitcoin prices. In the past, Tesla shares have moved sharply up or down on days of volatile Bitcoin trading. Investors often associate the car company with Bitcoin because it has bought $1.5 billion worth of the cryptocurrency. But an upbeat day for some growth stocks like Tesla may be helping as well.

Image source: Getty Images.

Source Fool.com

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