Wall Street drifted to a mixed finish Thursday after Tesla surged to one of the best days in its history, while IBM slumped to its worst in six months.
The S&P 500 rose 0.2% to break its first three-day losing streak since early September. It bounced between losses and gains through the day, and it was roughly evenly split between stocks rising and falling.
The Dow Jones industrial average fell 140 points, or 0.3%, while the Nasdaq composite rose 0.8%.
Tesla led the market with a jump of 21.9% after the electric-vehicle maker reported better profit for the latest quarter than analysts expected. An optimistic CEO Elon Musk also predicted 20% to 30% sales growth next year, though its revenue for the latest quarter fell short of analysts’ forecasts. It was the best day for Tesla’s stock since 2013.
UPS climbed 5.3% after likewise topping analysts’ forecasts for profit.
ServiceNow, whose platform helps companies automate and connect processes, was another one of the strongest forces pushing upward the S&P 500. It rose 5.4% after delivering stronger profit and revenue than expected.
Such gains helped to offset a drop of 6.2% for IBM, which reported revenue for the latest quarter that fell just short of analysts’ expectations.
Boeing was another weight and sank 1.2% after its machinists voted to continue their strike, which has crippled aircraft production.
All told, the S&P 500 rose 12.44 points to 5,809.86. The Dow dropped 140.59 to 42,374.36, and the Nasdaq composite rose 138.83 to 18,415.49.
A report on unemployment claims Thursday offered a mixed picture on the job market. It said fewer workers applied for unemployment benefits last week, which can be a signal of relatively low layoffs. But it also said the total number of those collecting benefits rose to its highest level in almost three years.The yield on the 10-year Treasury fell to 4.20% from 4.25% late Wednesday. It’s still well above its 4.08% level from late last week.
— Associated Press