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 was up 162 points, or 0.5% while the was up 1% and the was up 1.4%.
Tesla Inc (NASDAQ:) surged and closed up 9.7%. Its 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:) shares plunged 24% in after-hours trading on Thursday as it said revenue growth for the third quarter so far is flat, and its have been affected by Apple’s (NASDAQ:) privacy changes that have dampened digital advertising.
In economic news new 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 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 is expected to make another move on interest rates .
Corporate earnings continue to roll in, and for the most part, companies have been beating expectations.
American Airlines (NASDAQ:) 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:) 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. was down 3.5%, to $96.36 a barrel, while crude fell 2.7%, to $103.94 a barrel. rose 0.9% to $1,715 an ounce.