The Nasdaq Composite rose Thursday as Tesla shares surged on the back of better-than-expected earnings results. Tech stocks also got a boost from a softer U.S. dollar.
The tech-heavy Nasdaq gained 1.36% to close at 12,059.61. The S&P 500 added 0.99% to finish at 3,998.95. Meanwhile, the Dow Jones Industrial Average gained 162.06 points, or 0.51%, in a choppy session. The blue-chip index ended at 32,036.90.
Consumer discretionary stocks led gains in the S&P 500, up more than 2% on the back of Tesla shares. The automaker surged about 9.8% after it reported stronger-than-expected results despite shrinking automotive gross margins. Shares are still down nearly 23% this year.
AT&T dropped 7.6% after lowering its full-year free cash flow guidance. Still, the telecommunications company exceeded expectations in its second quarter.
American Airlines fell 7.4% after cutting back on growth plans despite reporting earnings mostly in line with expectations. Still, the company forecasted a profit in the third quarter.
United Airlines’ results came in below expectations, pushing the stock down about 10.2%.
European stocks closed higher on Thursday after the European Central Bank announced a 50 basis point hike to interest rates, its first interest rate hike for 11 years. The pan-European Stoxx 600 closed up by 0.3% provisionally, with financial services shares climbing 2.1% to lead the gains while oil and gas stocks shed 2.1%.
Source: CNBC, Investing.com