US stocks rise as Tesla continues to climb while energy prices and bond yields drop
stocksended higher Thursday as bond yields and energyprices ticked down. Teslastock extended gains, jumping as much as 10%, after reporting strong second-quarter earnings.
US stocks closed higher Thursday as Tesla stock extended gains after a strong second-quarter earnings report while energy and bond prices ticked down.
Tesla jumped as high as 10% after beating expectations on profit and revenue. Both American and United Airlines also reported but shares were hit by slimmed-down growth projections.
And the European Central Bank pivoted away from its loose monetary policy, raising its three benchmark interest rates by 50 basis points for the first time in 11 years.
Here's where US indexes stood after the 4 p.m closing bell on Thursday:
- S&P 500: 3,998.98, up 0.99%
- Dow Jones Industrial Average: 32,036.90, up 0.51% (162.06 points)
- Nasdaq Composite: 12,059.61, up 1.36%
Russia resumed gas flows via its key Nord Stream 1 pipeline, although at a 40% reduced capacity. Natural
Meanwhile, China has increased its appetite for liquefied natural gas from
The Mortgage Bankers Association lowered their odds for a recession, equating the chance of a slowdown in the next twelve months to a "coin flip."
Oil prices remained lower, with West Texas Intermediate crude slipping 3.5% to $96.41 per barrel, while the global benchmark Brent crude eased 2.8% to $103.84 per barrel.
Gold ticked up 1% to $1,716.80 an ounce. The 10-year yield tumbled nearly 13 basis points to 2.908%.
Bitcoin fell 2.28% to $23,141. Tesla's earnings release showed that the company sold 75% of its bitcoin holdings for cash, although chief executive Elon Musk opined that the sale wasn't an overall verdict on his or the companies opinion on cryptos.
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