S&P 500 Sees First Gain This Week as Tesla Up 22%: Markets Wrap
- Treasuries rebound as market takes break from days of losses
- UPS shares jump on first profit growth in nearly two years
This article is for subscribers only.
Stocks rose for the first time this week, with traders parsing a slew of corporate earnings for clues on the health of the world’s largest economy. Treasuries rebounded after days of losses.
A gauge of the “Magnificent Seven” hit a three-month high, with Tesla Inc. up 22% in its biggest rally since May 2013. Elon Musk’s electric-vehicle giant reported strong earnings and forecast as much as 30% growth in car sales next year. United Parcel Service Inc. — an economic barometer — jumped 5.3% after returning to sales and profit growth. International Business Machines Corp. and Honeywell International Inc.’s results failed to inspire.