News Tech and Science

US stocks rise on Tesla results, airline optimism

Wall Street stocks rose early Thursday as blowout earnings from Tesla and optimistic forecasts from airlines lifted sentiment after disappointing company reports earlier in the week.

Tesla surged more than 10 percent as it reported a record $3.3 billion quarterly profit and projected another strong year of production growth in 2022 despite lingering supply chain woes.

Airlines also gave investors reasons to cheer, with both United Airlines and American Airlines projecting second-quarter profits amid a sharp uptick in travel demand.

The upbeat results helped shift the narrative over earnings after Netflix shares plunged on Wednesday following disappointing earnings.

About 30 minutes into trading, the Dow Jones Industrial Average was up 0.9 percent at 35,466.47.

The broad-based S&P 500 advanced 1.1 percent to 4,506.84, while the tech-rich Nasdaq Composite Index advanced 1.3 percent to 13,629.85.

Stocks have been volatile this week, with worries over higher interest rates and inflation countered by investor bargain-hunting after a recent market pullback.

Tags

About the author

AFP

Agence France-Presse (AFP) is a French state-owned international news agency based in Paris. It is the world's oldest news agency, having been founded in 1835 as Havas.




Daily Newsletter