Stock Markets Tank Again; GM, Nikola Take It to Tesla
The stock market's huge gains over the summer put many investors in a euphoric mood coming into September, but this month has thus far been brutal. Two days of selling last week showed few signs of letting up after the holiday weekend, and high-flying tech stocks continued to bear the brunt of the damage. As of just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 405 points to 27,729. The S&P 500 (SNPINDEX: ^GSPC) dropped 58 points to 3,369, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) was off 249 points to 11,063.
The electric-vehicle space has been a battleground for growth-seeking investors, as industry leader Tesla (NASDAQ: TSLA) has seen a number of new upstarts come into the space looking to stake their claims. Nikola (NASDAQ: NKLA) came public by merging into a special purpose acquisition company, but today, it got a huge boost of confidence through a high-profile partnership with one of the biggest automakers in the world.
Shares of Nikola soared almost 40% Tuesday morning. Investors were excited about the huge news involving the electric vehicle maker and auto giant General Motors (NYSE: GM).
Source Fool.com
