Why Tesla Thumped the Market Today
Although it won't be the direct beneficiary of a big pile of federal spending on electric vehicle (EV) infrastructure, Tesla (NASDAQ: TSLA) attracted quite a few bulls on Thursday. On news of a sprawling (and expensive) project to build out EV charging stations throughout the U.S., shares of the popular EV maker inched 0.4% higher. That was in favorable contrast to the more than 1% slump of the S&P 500 index on the day.
On Wednesday, President Biden announced that the federal government would disburse $900 million to 35 U.S. states to establish a network of EV charging stations. That funding will be part of the $1 trillion Bipartisan Infrastructure Law passed last year.
The following day, investors sensibly plowed into stocks of companies directly or closely involved with charging infrastructure -- ChargePoint Holdings and Blink Charging were obvious plays, among others.
Source Fool.com
