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The S&P 500 bounced back on Thursday, posting its first positive day in a week that has been beset by higher rates and lackluster earnings.
The Dow Jones Industrials fell 140.59 points to conclude Thursday at 42,374.36.
The broader index powered ahead 12.44 points to 5,809.86.
The NASDAQ jumped 138.83 points to 18,415.49.
Tesla was the best-performing stock in the broad-market index. The electric vehicle manufacturer surged more than 22% after posting third-quarter results that beat analyst expectations, putting the stock on track for its best day since 2013. Molina Healthcare gained about 19% on better-than-expected earnings and revenue, and Whirlpool and UPS also jumped after posting results.
Dragging the Dow was IBM, which fell more than 6% as the company’s consulting revenue narrowly missed analysts’ estimates. Boeing also slipped more than 1.5% after its machinists rejected a new labor contract.
Roughly 160 S&P 500 companies have posted quarterly results so far, but their earnings are not meeting expectations. The blended growth rate, which tracks reports that have already come out and estimates for those set to report, indicate an overall S&P 500 earnings growth rate of 3.4% from the year-earlier period — falling short of analysts’ projections.
Prices for the 10-year Treasury gained, pulling down yields to 4.21% from Wednesday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 22 cents to $70.55 U.S. a barrel.
Prices for gold jumped $19.10 an ounce to $2.748.50 U.S.
