Shares of Tesla (NASDAQ:TSLA) jumped on Monday, rising as much as 5.5%. As of 1:23 p.m. EDT, the stock was up about 5%.
The stock's gains came as the overall stock market was trending higher on the day.
Better-than-expected quarterly results from tech stocks Apple, Facebook, and Amazon last week sent their shares sharply higher and drove optimism in the overall market, and that broad momentum seems to be persisting. As of this writing, the S&P 500 is up 0.8% Monday, and many growth stocks are up by several percentage points or more.
This behavior isn't abnormal for Tesla stock based on its patterns in recent months. Shares of the electric car maker have been exceptionally volatile this year as traders have piled into the stock, betting it will continue to grow rapidly and solidify its leadership within its nascent market.
In the second half of 2020, investors will be watching to see whether Tesla can continue impressing investors. The automaker is expanding rapidly, building a factory near Berlin, Germany, and recently announcing plans for another factory in Austin, Texas. In addition, Tesla began deliveries of its newest vehicle in March -- the Model Y SUV.