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Why Tesla Stock Jumped on Friday

TheMotleyFool

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Shares of electric-vehicle (EV) maker Tesla (NASDAQ: TSLA) were up several percentage points on Friday. The stock rose as much as 3.7% before settling to a 2.5% gain as of 2:40 p.m. ET.

The growth stock was likely up due to a combination of an upbeat day in the overall market and news that the EV company is continuing to lay off employees.

Highlighting the upbeat market on Friday, the S&P 500 was up nearly 1% at the time of this writing as the index attempts to recover from a brutal sell-off that worsened on Thursday. The tech-heavy Nasdaq Composite was up more than 2% at the same time.

Source Fool.com

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