Markets shoot up again thanks, in part, to Tesla’s second-day surge plus big wins and more in Tuesday’s Closing Bell on Money and Markets.

The Top Story

Tesla Inc. (Nasdaq: TSLA) didn’t think one day of massive gains was enough … so it went for two.

On Tuesday, the electric automaker surged another 13.7% after going over 23% at one point during the afternoon — a day after it had its best day in six years by closing up 19.9%. Shares went to $887.

Tesla’s rise has been compared to the 2017 spike in Bitcoin prices when the cryptocurrency jumped to nearly $20,000 in less than a year. Shares of Tesla have jumped more than 300% since June 2019 as Wall Street analysts continue to take a bullish position on the stock.

Recently, the company reported a massive earnings and revenue beat for the fourth quarter. It reported earnings per share of $2.14 on earnings of $105 million. Tesla CEO Elon Musk also told analysts he does not expect the company to raise additional capital. He said Tesla can fund production with existing capital while maintaining positive cash flow.

Money and Markets: Closing Bell*

S&P 500: 3,297 (+48 points, +1.5%)
DOW: 28,807 (+407 points, +1.4%)
NASDAQ: 9,467 (+194 points, +2.1%)
GOLD: $1,554.10 (-$22.40, -1.4%)
BITCOIN: $9,150.06 (-$125.42, -1.3%)
U.S. 10-YEAR YIELD: 1.59%

*- as of 4:15 p.m.

A Big Win

In today’s Wall Street Wake-Up, we told you about Sony Corp. (NYSE: SNE) raising its financial outlook for 2020. Shares of the Japanese technology conglomerate rose 3.5%.

We also mentioned you keep an eye on BP Plc. (NYSE: BP) after it beat analysts’ projections for Q4 profits. The company also raised its dividend by more than 2%. BP shares were up 3.6%.

M&A News

Hepaco LLC is acquiring Evergreen AES Environmental Services. Hepaco provides environmental and emergency response services while Evergreen provides remediation, emergency response and environmental services. Terms of the deal were not disclosed.

Defense and intelligence solutions company Trowbridge has acquired Intelliware Systems. Intelliware provides cyber, intelligence and IT products to the FBI, the U.S. Marshalls Service and the Department of Homeland Security. The terms of the acquisition were not disclosed.

Golden Nuggets

Gold continued to get hammered by a rise in U.S. equities Tuesday.

The price of gold dropped $22.40 to $1,554.10 an ounce in afternoon trading. Silver dropped $0.07 to $17.58 an ounce.

Platinum traded down $3 to $964. Palladium was the lone precious metal on the rise. An ounce of the metal was $2,317 an ounce, up to $102.

Cannabis Corner

Just like other U.S. equities, cannabis stocks enjoyed a good day Tuesday.

A majority of cannabis-related shares traded up in afternoon trading. Aurora Cannabis Inc. (NYSE: ACB) jumped 7% while Canopy Growth Corp. (NYSE: CGC) was up 1%. Cronos Group Inc. (Nasdaq: CRON) moved up 4.1%.

Stock Market Update

The Nasdaq rose 2.1% while the Dow Jones Industrial Average moved 1.4% higher. The S&P 500 jumped up 1.5%.

Even companies connected with the coronavirus — travel and entertainment — saw jumps Tuesday.

American Airlines Group Inc. (Nasdaq: AAL) and Delta Airlines Holdings Inc. (Nasdaq: UAL) were both up more than 3%. Wynn Resorts Ltd. (Nasdaq: WYNN) and Las Vegas Sands Corp. (NYSE: LVS) — both which operate casinos in Macau near Hong Kong — saw price increases.

Conversely, the Cboe Volatility Index (VIX) — the measure of 30-day forward-looking volatility — dropped nearly 2 points to 16.

Today’s Big Winners:

Tesla Inc. (Nasdaq: TSLA) +13.7%

Albermarle Corp. (NYSE: ALB) +11.9%

Ralph Lauren Corp. (NYSE: RL) +9.2%

Applied Materials Inc. (Nasdaq: AMAT) +5.5%

United Airlines Holdings Inc. (Nasdaq: UAL) +5.3%

Today’s Big Losers:

Gartner Inc. (NYSE: IT) -6%

ConocoPhillips (NYSE: COP) -4.5%

Waters Corp. (NYSE: WAT) -3%

Newmont Corp. (NYSE: NEM) -2.9%

Alphabet Inc. (Nasdaq: GOOG) -2.5%

Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets

Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.