Nasdaq closes trading up 134 points, 1.2%

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Tesla’s stock extends gains, after retracing more than half of bear-market selloff

Shares of Tesla Inc. undefined surged 4.3% in premarket trading Tuesday, to extend the recent run up that retraced more than half of the bear-market selloff earlier this month. The electric vehicle maker’s stock has soared 27.1% over the past four days. At Monday’s closing price of $419.62, the stock has retraced 53.2% of the 33.7% plunge from the Sept. 1 record close of $498.32 to the Sept. 8 closing low of $330.21. Many on Wall Street would say the stock’s bounce has now satisfied the second key Fibonacci retracement target, which is based on the mathematical ratio of 1.618, which is also known as the Golden Ratio. The next key retracement target of 61.8% would be satisfied with a close at or above $434.10; Fibonacci followers believe if retracements remain below the 61.8% target, the pre-retracement downtrend remains intact. The bounce comes ahead of the much-anticipated Tesla Battery Day, scheduled for Sept. 22. The stock has rocketed fivefold (up 401.5%) year to date through Monday, while the S&P 500 undefined has gained 4.7%.

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