It’s Fed day and Tesla shareholders were watching at 2 p.m. Eastern time to see what Federal Reserve chair Jerome Powell would do with short-term interest rates.The Fed cut by 0.5 percentage point, or 50 basis points.

Tesla shares jumped more than 4% on Wednesday, bucking a broader downturn for large-cap technology stocks. Monitor these important chart levels.

Shares of Tesla Inc. rallied 7.36% to $243.92 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the NASDAQ Composite Index rising 2.51% to 18,013.98 and the Dow Jones Industrial Average rising 1.

A jumbo rate cut fed hopes for the auto industry. The post Why the Tesla share price just rallied appeared first on The Motley Fool Australia.