Why QuantumScape Led EV Stocks and the Whole Market Higher Thursday

Investors were in a good mood on the first day of April, and the gains in the stock market were no joke. The S&P 500 (SNPINDEX: ^GSPC) moved above the 4,000 milestone for the first time, and other major market benchmarks showed solid gains as well. As of noon EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 161 points to 33,143. The S&P 500 climbed 38 points to 4,010, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 200 points to 13,447.

There's been huge interest in companies related to electric vehicle (EV) technology, and a renewed surge in popularity has stemmed from U.S. government proposals to support EV initiatives. Several EV stocks were on the rise Thursday morning, and QuantumScape (NYSE: QS) and Blink Charging (NASDAQ: BLNK) both had catalysts that helped their shares rise and offer some optimism to the rest of the industry.

Even as the S&P hit 4,000, shares of QuantumScape climbed almost 10%. The innovative company seeking to advance EV battery technology to the next level hit an important milestone that should help it accelerate its growth in the months and years to come.

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Source Fool.com