Tesla Pulls Nasdaq Higher; Pinduoduo Soars on Competitive Hopes
Stocks have done well lately, and few parts of the market have been able to outperform the Nasdaq Composite (NASDAQINDEX: ^IXIC). With huge gains so far this year, it wasn't surprising to see the Nasdaq let up on the gas and coast into the Christmas holiday weekend. As of 11:30 a.m. EST, the index was higher by about 0.2%.
After taking a pause of its own, Tesla (NASDAQ: TSLA) once again made it onto the leaderboard, with solid gains that started taking the stock back toward its all-time highs. But one of the biggest winners on the Nasdaq was Pinduoduo (NASDAQ: PDD), as investors are hopeful that news affecting a major competitor could create a friendlier environment for the smaller company to make its mark on the huge Chinese market.
Shares of Tesla were higher by nearly 3% on Thursday morning. The move came as investors get used to the idea of not having a major index-addition event ahead of them, now that the automaker's stock is fully a part of the S&P 500.
Source Fool.com
