Monday’s move continues a period of volatility for the stock, which has seen it swing between sharp gains and losses. Last Tuesday shares dropped 21% for their worst day on record after S&P Dow Jones Indices decided against adding the stock to the S&P 500. The very next day, the stock jumped nearly 11%.
Monday’s move also came on the heels of strength in the broad technology sector. The Nasdaq Composite advanced 2%, after posting its worst week since March. Apple gained more than 2%, while Amazon, Microsoft and Alphabet were each up more than 1%. Tesla shares are up roughly 380% this year, but they’re also about 20% below their record high from Sept. 1.