Electric-Car Fans Are Driving These 2 Unlikely Stocks Higher
The stock market did its best to recover lost ground on Monday, and in general, it did an excellent job. As of 1:30 p.m. ET, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 332 points to 35,231, making back less than half of its 900-point swoon from Friday. Yet the S&P 500 (SNPINDEX: ^GSPC) was up a healthier 73 points to 4,668, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) actually made back almost all of its Friday losses, rising 314 points to 15,805.
Electric vehicle (EV) stocks have done extremely well, with manufacturers of EVs having seen impressive gains. Yet increasingly, investors have sought new ways to play the EV revolution beyond simply looking at the companies that build those vehicles. Many believe that the rise in fortunes for rental car companies Hertz Global Holdings (NASDAQ: HTZZ) and Avis Budget Group (NASDAQ: CAR) is tied to the prospects for their participation in the growing EV industry. Below, we'll look at how these stocks are performing on Monday and what their longer-term prospects look like.
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Source Fool.com
