Wall Street closes higher on strong Tesla earnings

NEW YORK, July 22 — US stocks ended higher on Thursday as electric automaker Tesla rose on its stronger-than-expected quarterly results, which helped offset a slide in telecom and energy shares.

“The earnings picture has been maybe a little better than investors feared,” said J. Bryant Evans, investment adviser and portfolio manager at Cozad Asset Management. “We investors are thinking that ..especially technology has come down too far, and maybe there’s some valuation opportunities there.” According to preliminary data, the S&P 500 .SPX gained 39.39 points, or 0.99 per cent, to end at 3,999.29 points, while the Nasdaq Composite .IXIC gained 162.94 points, or 1.

Joining its global peers, the European Central Bank delivered a 50 basis points rate hike to tame inflation in its first rate increase since 2011.

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