Your Tuesday Blip 3/9/21

Your Tuesday Blip 3/9/21

It was a rock and roll day on Wall Street as tech shares jumped when interest rates pulled back a bit. After correcting 10% recently the NASDAQ gained over 3.6% as investors rushed back into high flying tech stocks all while value plays that would benefit from the economy reopening continued to move higher. At the close the Dow, after being up triple digits, closed higher by 30 points to finish at 31,832. Trading volume was mixed. The only group of stocks that did not fare well today were the banks. IBD continues to list markets as being in a correction.
Leading the tech stock arena higher were shares of Tesla which had fallen about 40% from highs over the past few weeks but rebounded hard today gaining 19% to close at $673 up $110. Tesla received positive sales news from China as the Sino economy continues to power ahead plus there are reports out of Texas that Tesla is working with other firms to install a huge grid level battery system designed to make the Texas power grid more resilient.
Thor Industries, maker of RVs under the Airstream brand posted earnings which were good. The company reported a 36% increase in revenue and a jump in net profits of 255%. Both top and bottom line results beat street estimates. CEO Bob Martin issued a positive outlook when he noted the industry is projecting a 24% increase in RV sales for 2021 adding that he agrees with this projection. Thor is wrestling with strong demand, supply issues, a growing backlog and rising raw material costs. They are busier than a one legged man in a fanny kicking contest.