Tesla soars in otherwise mixed Wall Street performance

Lola Evans
24 Oct 2024

NEW YORK, New York - A monster rise in Tesla set the scene for tech stocks on Thursday. The Standard and Poor's 500 managed to eke out a gain too, however the Dow Jones lost ground.

Shares in Elon Musk's Tesla advanced $46.83 to $260,48, a massive 2.92 percent gain.

Thursday's trading session saw mixed performance across major US and Canadian stock indices, as investors balanced corporate earnings reports and economic data releases.

S&P 500: The benchmark index gained 12.44 points, or 0.21 percent, closing at 5,809.86. A rise in technology and healthcare stocks provided support, driving moderate gains. Trading volume stood at 2.253 billion shares.

Dow Jones Industrial Average: The Dow declined by 140.59 points, or 0.33 percent, to settle at 42,374.36. Losses in industrial and financial stocks weighed down the index, contributing to its dip, with 276.197 million shares traded.

NASDAQ Composite: The tech-heavy NASDAQ surged 138.83 points, or 0.76 percent, to 18,415.49, boosted by strong performances from semiconductor and cloud computing companies. The trading volume reached 5.011 billion shares.

Foreign Exchange Markets Reflect Varied Movements on Thursday

In Thursday's trading, the global foreign exchange market exhibited mixed performance as currency pairs responded to economic shifts, geopolitical developments, and market sentiment. The US Dollar Index fell 0.39 points to 104.04, a decrease of 0.37 percent.

EUR/USD: The euro strengthened against the US dollar, advancing by 0.42 percent to 1.0826, as investors responded positively to recent economic data from the eurozone.

USD/JPY: The US dollar weakened against the Japanese yen, declining by 0.58 percent to 151.87, with the yen showing resilience amid market volatility. The pair fell by 0.88 points on the day.

USD/CAD: The US dollar posted a modest gain against the Canadian dollar, up by 0.13 percent, with the exchange rate settling at 1.3853.

GBP/USD: The British pound climbed 0.41 percent to 1.2974 against the US dollar, supported by favorable market sentiment in the UK.

USD/CHF: The US dollar slipped marginally against the Swiss franc THURSDAY, down 0.05 percent to 0.8659.

AUD/USD: The Australian dollar saw a slight increase of 0.10 percent, firming to 0.6640 against the US dollar, as market participants eyed commodity trends.

NZD/USD: The New Zealand dollar also gained ground, rising 0.18 percent to 0.6015 against the US dollar, following stronger-than-expected economic indicators.

Thursday's currency market activity reflected cautious optimism, with investors balancing economic reports and global uncertainties. The yen's rise against the dollar highlighted the potnetial for intervention at current levels, while gains by the euro and pound underscored resilience in European markets.

Global Stock Markets Mixed in Thursday Trading

Global markets closed on a mixed note Thursday, with European indices largely advancing while Asian markets faced declines. Currencies also exhibited varied movements, reflecting economic developments in different regions.

CANADA

S&P/TSX Composite Index: Canada's primary index slipped 22.07 points, or 0.09 percent, ending at 24,551.55. Energy and materials sectors struggled, leading the decline, with 212.381 million shares changing hands.

UNITED KINGDOM

The FTSE 100 in London edged up by 10.74 points, or 0.13 percent, to settle at 8,269.38.

EUROPE

Germany's DAX climbed 65.38 points, closing at 19,443.00, a gain of 0.34 percent.
In France the CAC 40 rose 5.80 points to end at 7,503.28, marking a 0.08 percent increase.
The Euro Stoxx 50 index gained 12.90 points, closing at 4,935.45, or 0.26 percent higher.
The Euronext 100 Index advanced slightly by 0.53 points to 1,477.73, representing a 0.04 percent rise.
Belgium's BEL 20 dipped 7.85 points to 4,274.02, down by 0.18 percent.

ASIA

In Hong Kong the Hang Seng Index on Thursday plunged 270.53 points, or 1.30 percent, to 20,489.62.
The STI Index in Singapore added 4.17 points, closing at 3,604.95, up 0.12 percent.
China's SSE Composite Index dropped 22.54 points to 3,280.26, a loss of 0.68 percent.
In Japan the Nikkei 225 increased by 38.43 points, or 0.10 percent, closing at 38,143.29.
India's S&P BSE Sensex inched down by 16.82 points to 80,065.16, recording a modest decline of 0.02 percent.
In Malaysia the FTSE Bursa Malaysia KLCI decreased Thursday by 9.30 points, finishing at 1,632.23, a 0.57 percent drop.
South Korea's KOSPI Composite Index fell 18.59 points to 2,581.03, down by 0.72 percent.
In Taiwan the TSEC Weighted Index lost 142.24 points to finish at 23,192.52, a decline of 0.61 percent.

OCEANIA

Australia's S&P/ASX 200 slipped 9.70 points to 8,206.30, a 0.12 percent decline.
The Australian All Ordinaries index followed with a drop of 22.40 points, or 0.26 percent, closing at 8,453.90.
New Zealand's S&P/NZX 50 gained 26.47 points, closing at 12,814.07, marking a 0.21 percent increase.

MIDDLE EAST

In Israel the TA-125 Index dropped 19.32 points to close at 2,152.97, down by 0.89 percent.
Egypt's EGX 30 Index climbed 138.80 points to 30,552.80, reflecting a 0.46 percent gain.

AFRICA

The Top 40 USD Net TRI Index in South Africa surged 57.60 points to 4,788.47, an increase of 1.22 percent.

Thursday's trading highlighted a divergence between European optimism and Asian uncertainty, reflecting investor reactions to regional economic data and global developments.

RELATED STORIES:

Wednesday 23 October 2024 | Wall Street tumbles, Dow Jones drops 410 points | Big News Network

Tuesday 22 October 2024 | Dow Jones reverses earlier losses, gains 28 points | Big News Network

Monday 21 October 2024 | Nasdaq adds 50 Points Monday, Dow Jones dives 344 | Big News Network