Friday saw generally favorable moves for stock market benchmarks, with only the Dow Jones Industrial Average (DJINDICES: ^DJI) missing out on a continued rally higher. Investors are starting to get more comfortable with how 2021 is likely to play out on Wall Street, and as greater certainty about key issues emerges, many companies are feeling more confident about their prospects. As of 11:30 a.m. EST, the Dow was down 82 points to 30,959, but the S&P 500 (SNPINDEX: ^GSPC) gained 7 points to 3,810, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) climbed 82 points to 13,150.
Tesla (NASDAQ: TSLA) has been in the headlines lately, as its stock has been downright unstoppable. Much of its promise comes from its leadership in the electric-vehicle space, but companies like NIO (NYSE: NIO) are seeking to challenge that dominance and move in on Tesla's turf. The tough thing for investors to figure out is whether smaller companies like NIO are rising because of their own prospects or simply because of the attention that Tesla is getting. Below, we'll take a closer look at these electric- auto stocks and their outlooks for the future.
Image source: NIO.
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As Stock Markets Hit the Gas, Is NIO Just Riding Tesla's Coattails?