Tesla’s wild trading continues as stock rises above $800 again before retreating

Tesla Inc CEO Elon Musk takes off his coat onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020.

Aly Song | Reuters

Don’t look now but Tesla is jumping again.

Shares of Tesla climbed as much as 9% in premarket trading on Monday with no clear catalyst, as the stock looks likely to continue its wild speculative trading. The jump means Tesla shares were back above $800 in early trading, a level it hit amid last week’s wild swing.

Overall stock market futures pared their losses after Chinese President Xi Jinping said he would adopt more decisive measures to curb the spread of the coronavirus. It’s possible that news had something to do with the Tesla rally as fears that the coronavirus would hurt production of its cars in China has weighed on the shares a bit at times.

Tesla had a crazy week last week, jumping double digits on Monday and Tuesday and then falling 17% on Wednesday.

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