Tesla's Continues Rally After Tencent Reveals 5% Passive Stake

Tesla Inc TSLA shares are trading higher by $6.00 (2.5 percent) at $276.22.

The stock, which has been strong in a weak overall market the last few sessions, is trading higher for the third session in a row. At $277.00, it has added over $22.00 since its March 23 close of $254.78.

In today's session, investors are following the lead of Tencent Holdings, a Chinese investment holding company that announced a passive 5 percent stake in the company as of March 24.

After a higher open, Tesla's stock had a brief retreat to $275.00 before continuing its move higher. So far, the ensuing rally has taken the issue to $279.98. That marks the first time near the $280.00 area since it peaked on February 22 at $283.45. Since making the high, it has fallen back to the $277.00 area.