Ark Invests in Tesla | February 24

by Luna Fuller
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Good Evening!

The DJIA rose 1.40%
The S&P 500 was up 1.10%
The Nasdaq Composite rose 0%

Energy led the market.

General Market Review

Energy

Crude inventories for last week increased by 1.28 million barrels. This compares to expectations of a draw of 5.19 million barrels. This build in stockpiles has increased investor sentiment on oil demand in hopes of a stronger economic recovery. Occidental Petroleum and Marathon Oil were up 8% and 5%, respectively.

Industrials

Hopes of an economic recovery have increased expectations on travel demand. The airline industry saw gains with American Airlines up about 6%.

Tech

After fears of rising inflation, many tech stocks were in the red. Ark Investment Manager, Cathie Wood, reported that she bought $120 million shares in Tesla, causing the stock to rise close to 6%.

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