The stock market soared on Thursday, which was led by tech stocks. Meta (FB) reported better-than-expected earnings which fueled the rally around technology shares.
Overall, S&P 500 rose 1.5% to 4,180, while NASDAQ went up 3.3% to 12,201.
Tweet of the Day
S&P 500 set to have a Golden Cross today. This rare event takes place when the 50-day MA>200-day MA.
What is special about this one is when it happens more than 10% away from all-time highs (like now) = future returns are impressive.
Higher a yr later 15/16 and up 15.7% on avg. pic.twitter.com/ndLnaejycF
— Ryan Detrick, CMT (@RyanDetrick) February 2, 2023
Chart of the Day
Our chart of the day is the one-year chart of Tesla (TSLA) as of January 31, 2023.
Tesla designs, develops, manufactures, sells, and leases high-performance fully electric vehicles, energy generation, and energy storage systems. It is presently working on a Full Self-Driving (FSD) autopilot system.
The stock has an Estimated Long-Term Growth Rate of 25%. Qtrly profit growth was superb, making TSLA a legit growth stock.
David Sharek, Founder of The School of Hard Stocks, thinks that the future of TSLA really depends on Full Self-Driving. If that can be mastered, profits could grow exponentially.
TSLA is part of our Growth Portfolio and Aggressive Growth Portfolio.
