European and US stocks mostly rose on Thursday thanks to well-received earnings updates including from automaker Tesla. Tesla shares surged over 16 percent at the start of trading after the company led by Elon Musk reported third-quarter profits of $2.2 billion, up 17 percent from the year-ago period on an eight-percent increase in revenues to $25.
2 billion. The results broke a string of recent Tesla earnings that have seen the high-flying company report lower profits year-over-year as competition intensifies among automakers. The outspoken Musk offered a bullish outlook on Tesla's prospects, pointing to the strong results as evidence the company's ambitious vision is being realized.
Both the S&P 500 and Nasdaq Composite climbed at the start of trading, while the Dow dipped. "For now, the excitement over Tesla's report and outlook seems to be doing most of the driving," said market analyst Patrick O'Hare at Briefing.com .
European indices were higher in afternoon trading, with investors anticipating interest rate cuts. Major Asian indices closed mixed after sizeable losses on Wall Street Wednesday, with US Treasury yields climbing on concerns that inflation risked rising again. Oil prices rose as the crude market continued to experience volatile trading.
"Higher oil prices and some good corporate results helped UK stocks to strong gains," noted AJ Bell investment director Russ Mould. London's benchmark FTSE 100 index features oil giants BP and Shell. In Paris, shares advanced.
