Stocks rose higher on Thursday as technology stocks rallied, marking a third straight session of gains for Wall Street amid more mixed earnings. The Nasdaq Composite rose over 1%, while the Dow Jones Industrial Average and S&P 500 Index climbed about 0.5% and 1% higher, respectively.
Thursday's gains, led by stocks like Tesla
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
On the earnings front, Tesla rose higher after reporting better-than-expected earnings after Wednesday's close. Meanwhile, AT&T
Moreover, American Airlines
Elsewhere, the dollar declined on Thursday after the European Central Bank raised interest rates for the first time in over a decade by 50 basis points.
On the economic front, weekly unemployment filings totaled 251,000 for the week ended July 16, according to the Labor Department's latest report, marking an increase of 7,000 from the previous week. This is the highest level of weekly jobless claims since November 2021, signaling that the labor market is beginning to soften in response to higher interest rates and inflationary pressures.
S&P Global Ratings reported Thursday U.S. housing affordability is expected fall to levels not seen since 2007 later this year, predicting that mortgage payments will increase to 28% of income for the first-time buyer. According to guidelines from the National Association of Realtors, mortgages should not exceed 25% of incomes to be considered affordable.