Shares of Tesla Inc. TSLA, +4.69% ran up 2.7% in morning trading, to buck the broader weakness among the electric vehicle maker’s peer group and the stock market.
The stock’s rally comes after it slumped 5.1% on Friday, following a 19.8% rally over the previous two weeks. If the stock rallies at least another 2.8%, to close at or above $258.59, it will close at least 20% above the Aug. 18 closing low of $215.49. Many on Wall Street define a bull market as a rally of at least 20% off a significant, bear-market low. The Aug. 18 close was 26.5% below the July 18, 10-month closing high of $293.34. Tesla’s stock rally on Tuesday was enough to make it the second-biggest gainer in the S&P 500. Meanwhile, the Global X Autonomous and Electric Vehicle ETF DRIV, -0.36% shed 0.7% and the S&P 500 SPX, -0.42% lost 0.3%.