Nasdaq closes 1.7% higher as Tesla pops, Dow adds 200 points; European markets close higher as positive momentum builds
Stocks rose Thursday as traders combed through the latest batch of corporate earnings and fourth-quarter gross domestic product that came in above expectations.
The Nasdaq Composite jumped 1.76% to settle at 11,512.41. The Dow Jones Industrial Average rose 205.57 points, or 0.61%, to end at 33,949.41, while the S&P 500 gained 1.10% to close at 4,060.43.
GDP data released Thursday showed the economy expanded at an annualized rate of 2.9% during the fourth quarter, the Commerce Department said. That’s above the Dow Jones estimate for 2.8%, but it represents a slight cooldown from the third-quarter reading.
A mixed earnings season trudged on, with strong results from Tesla giving the tech-heavy Nasdaq and electric vehicle stocks a boost. Tesla jumped nearly 11% after posting record revenue and solid earnings. Beaten-up technology giants Microsoft, Nvidia, Amazon and Alphabet also gained. IBM fell about 4.5% despite a revenue beat.
Elsewhere, Chevron added nearly 5% after announcing a $75 billion share repurchasing program.

The pan-European Stoxx 600 closed up by 0.4%, with retail stocks adding 2.2% to lead gains as most sectors and major bourses finished in positive territory. Food and beverage stocks bucked the trend to slide 1.8%.
Shares of German pharmaceutical company Sartorius climbed 8% after its full-year earnings report, while British alcoholic beverage giant Diageo slid 5% to the bottom of the Stoxx 600 after its first-half results.
Source: CNBC, Investing.com