NEW YORK — U.S. stocks drifted to a mixed finish. The S&P 500 closed little changed Wednesday after a two-day winning streak erased nearly two-thirds of last week’s steep loss. The Dow Jones Industrial Average fell 0.1%, and the Nasdaq composite edged up 0.1%. Tesla jumped after saying the night before that it would accelerate production of more affordable vehicles. Norfolk Southern stumbled after reporting weaker results than expected, as did Teledyne Technologies.
Tesla cruised 10.8% higher after saying the night before that it would accelerate production of new, more affordable vehicles, which investors have been hoping will kickstart growth. The announcement helped investors look past the 55% drop in profit that Tesla reported. The hope is that profit growth will broaden beyond the Magnificent Seven to more types of companies, in large part because a remarkably solid U.S. economy. They'll likely need to deliver fatter profits if they want their stock prices to rise. That’s because they’re unlikely to get much help from the other lever that can lift stock prices: interest rates.
Wednesday’s report said that orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. Wall Street is in an awkward place where it wants the economy to avoid a painful recession, but not to be so hot that it keeps upward pressure on inflation and convinces the Fed not to cut rates.On Wall Street, railroad operator Norfolk Southern fell 3.8% after reporting weaker results for the latest quarter than forecast.
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