US stocks close higher on strong Tesla shares

The Nasdaq Composite Index soared on Thursday as Tesla shares rose on better-than-expected earnings results on Wednesday, and technology stocks also got a boost from the weaker US dollar.

The Nasdaq Composite Index rose 1.36% to close at 12059.61, and the S&P 500 added about 0.99% to end at 3998.95, in addition to the Dow Jones Industrial Average rising 0.51% in a volatile session.

Investors continued to focus on technology stocks, which fueled this week’s rally, as some solid corporate results had Wall Street search for decimated assets.

Meanwhile, the dollar fell after a surprise rate hike Thursday from the European Central Bank, which raised interest rates for the first time in 11 years, and the central bank raised benchmark interest rates by 50 basis points.

On the economic data front, jobless claims rose to 251,000 in the week beginning July 16, up from a revised 244,000 claims from the previous week, its third consecutive weekly gain.