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US markets rallied; Twitter soared 27% on Musk purchase; Hertz jumped 10.7% on EV purchase plans

  • The Nasdaq rose 1.9% on Monday to close the session at 14,533 points.
  • Twitter soared 27.13% on Elon Musk purchasing a 9.2% stake.
  • Hertz jumped 10.7% after announcing plans to buy 65,000 EVs from Polestar.

The US markets started the week on a positive note led by a rally for tech stocks as investors piled into the growth assets following a volatile start to the year for technology companies.

The Dow Jones rose 0.3% to finish the trading day up 104 points to close at 34,922 points.

The tech heavy NASDAQ rose 1.9% to finish the trading day up 271 points to close at 14,533 points with Tesla and Netflix gaining 5.61% and 4.83% respectively.

One bitcoin is worth US$46,667 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 75.41 US cents.

Twitter shares soared 27.13% on Monday, the company’s biggest one-day climb on record, after Tesla CEO Elon Musk purchased a 9.2% stake in the social media company. Musk bought 73,486,938 shares in Twitter, making him the largest outside shareholder in the social media company.

Shares in Hertz jumped 10.7% yesterday after the vehicle rental company announced plans to buy 65,000 EVs from Polestar over the next 5-years. The move follows Hertz’s order of 100,000 Tesla’s in October 2021, as the company strives to increase the presence of zero-emission vehicles in its fleet.

And Mercedes-Benz has issued a recall for more than 8000 vehicles made in 2021 and 2022 over issued with the vehicle’s Distronic advanced driver-assistance software that could increase the risk of a crash by detecting the driver’s hands are off the wheel even if they are not.

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