Stock market today: Wall Street drifts to a mixed finish as Tesla surges

NEW YORK — Wall Street drifted to a mixed finish after Tesla surged and IBM slumped following their latest profit reports. The S&P 500 rose 0.2% Thursday to break its first three-day losing streak since early September. It bounced between losses and gains through the day, and was evenly split between rising and falling stocks. The Dow Jones Industrial Average fell 0.3%, while the Nasdaq composite rose 0.8%. Tesla jumped 21.

IBM was one of the heaviest weights on the market and fell 6.5% after reporting revenue for the latest quarter that fell just short of analysts’ expectations. It was the single biggest reason the Dow was dragging behind other indexes. Such losses helped to overshadow Tesla's jump of 21.3% after the electric-vehicle maker reported better profit for the latest quarter than analysts expected. An optimistic CEO Elon Musk also predicted 20% to 30% sales growth next year, though its revenue for the latest quarter fell short of analysts’ forecasts.

Stocks have broadly regressed this week after the S&P 500 and Dow both set records at the end of last week. They’ve been hurt by rising Treasury yields in the bond market, which can make investors less willing to pay high prices for stocks. Critics had already been saying beforehand that stocks looked too expensive given how much faster their prices have risen than corporate profits.

A report on unemployment claims Thursday offered a mixed picture on the job market. It said fewer workers applied for unemployment benefits last week, which can be a signal of relatively low layoffs. But it also said the total number of those collecting benefits rose to its highest level in almost three years.

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