The famous electric car and battery maker Tesla inc. continues its rally. After Argus Research increased its Tesla price target from 556 to 808, this stock surged with 19.9%. During recent weeks, it has been climbing up steadily. Such a rise was boosted by the EPS estimates, which is exceptionally high.
Nike and Microsoft also skyrocketed, gaining 3.1% and 2.4%, respectively. JPMorgan helped the stock rise with the statement that Nike is a multiyear buying opportunity.
However, Apple dropped by 0.3%, reaching a surprising low, as experts noted. Since rising to 327.85 high last Wednesday, this stock lost about 6%. But the 98 Composite Rating stock is high above its 50-day moving average. Moreover, experts hope that it will extend 40% after a long run-up.
Dow Jones, Nasdaq, and S&P 500 are surging forward. What about China Stocks?
The coronavirus outbreak caused the Chinese futures’ downfall. Furthermore, China’s stock market was closed for the last few days because of the Lunar New year celebrations. In the previous weeks, the other countries have been evacuating their citizens, and flights were suspended.
China is almost in quarantine. The yuan dropped significantly, with tourism and airline companies suffering the most. Investors were moving their assets on other safe-haven stocks, such as gold, the Japanese yen, the U.S. dollar, etc.
Meanwhile, China’s authorities decided to take some drastic measures to avoid total downfall and help to boost the economy. So, when the stock market opened again on Monday, China’s central bank injected 1.2 trillion yuan.
The government’s action had paid, causing stocks to rebound. Chinese retailing giant Alibaba hit the high, reaching 2.8%. The private education and test prep company, New Oriental Education, climbed up to 5.1%. This stock has gained 10% since last summer.
The U.S. futures also rallied. The S&P 500 index increased by 0.7%, while the Dow Jones Industrial Average rose to 0.5%; The Nasdaq, on the other hand, gained 1.3%, with the small-cap Russell 2000 index increasing by 1.1%.