Stock Market Today: Dow Closes Higher on Surge in Tech

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Stock Market Today: Dow Closes Higher on Surge in Tech
Credit: © Reuters.

By Liz Moyer

Investing.com -- U.S. stocks rebounded on a surge in tech, as Tesla's better-than-expected earnings boosted the sector.

At 4:13 PM ET, the Dow Jones Industrial Average was up 162 points, or 0.5% while the S&P 500 was up 1% and the NASDAQ Composite was up 1.4%.

Tesla Inc (NASDAQ: TSLA ) surged and closed up 9.7%. Its quarter was affected by factory disruptions in China, where operations shut down for a while because of Covid, but it managed to beat expectations, anyway.

Snap Inc (NYSE: SNAP ) shares plunged 24% in after-hours trading on Thursday as it said revenue growth for the third quarter so far is flat, and its results have been affected by Apple's (NASDAQ: AAPL ) privacy changes that have dampened digital advertising.

In economic news new jobless claims rose to 251,000 last week, the third weekly gain in a row and the first time above 250,000 since January. 

Meanwhile, the European Central Bank raised interest rates by a half-percentage point, which was larger than the quarter-point move expected. It was the ECB’s first rate hike in more than a decade as it, too, tries to combat inflation. The Federal Reserve is expected to make another move on interest rates next week .

Corporate earnings continue to roll in, and for the most part, companies have been beating expectations. 

American Airlines (NASDAQ: AAL ) shares fell 7%. It forecast profit for the third quarter on the strength of travel demand, but said it would temper its capacity plans despite that demand. 

AT&T Inc (NYSE: T ) shares fell nearly 8% after the company said it noticed customers were paying their bills a few days later than before, suggesting households were grappling with budget crunches.

Oil fell. Crude Oil WTI Futures was down 3.5%, to $96.36 a barrel, while Brent Oil Futures crude fell 2.7%, to $103.94 a barrel. Gold Futures rose 0.9% to $1,715 an ounce.

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