From Tech to Tesla, Stocks Get $14 Trillion Boost in Covid Year
- Musk’s carmaker, Nvidia, PayPal among 2020’s top gainers
- Cruiseliners and airline stocks, along with energy firms sink
Believers in billionaire Elon Musk helped spark a 730% stock-surge in Tesla Inc.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
In a historic year that marked a rapid plunge into bear market territory and a swift recovery into the bull zone, high-flying technology stocks and electric-vehicle pioneer Tesla Inc. were standout trades.
The S&P 500 Index went from peak to trough to peak again within 175 days as investors initially shunned most stocks in response to Covid-19 lockdowns and fears of prolonged recession, but later piled into stay-at-home beneficiaries. Since its pandemic-driven low, the benchmark has rallied 68%, smashing old records and adding about $14 trillion in value. The gauge ended 2020 up 16%.