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• The Nasdaq Composite rose 1.1%, to trade at 12,024, rallying for the third straight day
US stocks continued their rally for the third straight day, fueled by healthy second-quarter earnings from Tesla Inc. (NASDAQ: TSLA) and others.
The Dow Jones Industrial Average was up 22 points, or 0.1%, to 31,895. The S&P 500 rose 24 points, or 0.6, to 3,984. The Nasdaq Composite jumped 126 points, or 1.1%, to trade at 12,024.
Stronger-than-expected second-quarter corporate earnings have helped stocks to recover to their best levels in a month this week, even as economic data suggest the U.S. economy is slowing.
Investors are betting that stocks have reached a bottom after their steep declines this year, and as the latest round of earnings reports showed businesses are working through economic pressures better than feared in the second quarter.
Market movers
Shares of Tesla jumped 9% after the automaker reported stronger-than-expected earnings but shrinking automotive gross margins.
Meanwhile, Bitcoin fell 23% to $22,975 after Elon Musk said Tesla had sold most of its holding of the cryptocurrency.
Shares of AT&T (NYSE: T) dropped 7% after lowering its full-year free cash flow guidance.
Shares of Blackstone Inc. (NASDAQ: BX) fell on Thursday after the private-equity firm reported a loss of $29.4 million, or 4 cents a share, from a net income of $1.31 billion, or $1.82 a share in the year-ago quarter.
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