Tesla Shares Jump as Stock Market Rises for Third Consecutive DayThe electric car company got a boost from strong May sales numbers.
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The stock market posted its third consecutive day of gains, after reports that the U.S. may delay imposing tariffs on Mexican goods next week. An afternoon rally left the three major stock indexes up moderately. TheEntrepreneur Index™closed the day up 0.61 percent, withTeslaleading the way.
The electric vehicle-maker has put a convincing brake on the plunge in its share price through most of last month. It was up 4.76 percent today after the company reported May vehicle sales increased 73 percent compared to last year. The stock is up more than fifteen percent in the last three days, though it's still down 38.1 percent on the year.
Trade sensitive stocks continued to fare well this week. Whiskey-makerBrown-Forman Corp., a favorite target for retaliatory tariffs, was up 3.27 percent today and over ten percent in the last three days.Estee Lauder Companiesalso gained 2.32 percent as fears about tariff battles seem to have moderated.
Thetechnologysector was generally positive though relatively quiet withNVIDIACorp. (1.77 percent) andVerisign Inc.(1.46 percent) the only stocks in the sector to rise by more than one percent.
Other standouts on the Entrepreneur Index™ today included oil and gas producerHess Corp.(2.47 percent), pipeline managerKinder Morgan(1.91 percent) andChipotle Mexican Grill(1.87 percent).
Related:Chipotle Isn't Franchising … Yet. Here's What You Can Do in the Meantime.
Clothing retailers had a rough day. Victoria's Secret lingerie makerL Brandswas down 4.14 percent, the biggest decline on the Entrepreneur Index™ today.Gap Inc.(-2.49 percent) andRalph Lauren Corp.(-1.36 percent) also fell sharply.
Food-makerJ.M. Smucker Companywas down 2.31 percent despite beating quarterly earnings estimates today and raising its forecast for full-year profits. The company reported lower than expected sales in the quarter. Mall-REITMacerich Companyhad the second biggest loss on the index today, falling 3.75 percent.
Other notable losses included Fedex Corp, down 1.1 percent, andSimon Property Group, off 0.8 percent.
TheEntrepreneur Index™collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time onEntrepreneur.com.
