On Tuesday, stock markets snapped back after a 600-point drop due to concerns about the deadly coronavirus originating in China. The recovery was somewhat due to Tesla’s soar after billionaire investor Ron Baron told CNBC that the electric-vehicle maker’s revenue will reach $1 trillion in 10 years. Tesla’s shares soared 19.9 percent on Monday, closing at a record-high $780.
The Dow Jones Industrial Average was up more than 440 points and the S&P 500 and Nasdaq were higher by 1.5 percent and 1.6 percent, respectively.
President Trump took to Twitter to laud the booming stock market, writing, “Market up big today on very good economic news. JOBS, JOBS, JOBS!”
The Dow Jones looks to hit closer to the 30,000 mark, which would be an amazing achievement for the Trump Administration.