Tesla has best day in over a decade, leading Nasdaq and S&P 500 higher

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The Nasdaq led a mixed trading day on Thursday as Tesla's (TSLA) surprisingly solid results and high-flying sales forecast lifted hopes for a strong earnings season. But the Dow extended losses, continuing a sharp sell-off from the day before, as IBM (IBM) shed over 6% following a third-quarter revenue miss.

The tech-heavy Nasdaq Composite (^IXIC) gained about 0.8%, while the benchmark S&P 500 (^GSPC) closed up roughly 0.2% after dipping into the red earlier in the session. The Dow Jones Industrial Average (^DJI) recovered from steeper losses but still fell nearly 150 points, or about 0.3%.

Tesla kicked off "Magnificent Seven" earnings by posting its biggest quarterly profit in over a year. Shares in Tesla surged more than 20% — its best day since May 9, 2013 — as investors welcomed CEO Elon Musk's forecast that EV sales could grow 20% to 30% next year. But the EV maker's rally largely failed to extend to the other megacaps.

Elsewhere in corporates, Boeing (BA) shares sagged around 1% after striking workers rebuffed its pay deal on the heels of the plane maker's $6 billion quarterly loss. It's the latest in a string of rough news for stocks on the Dow.

Meanwhile, the 10-year Treasury yield (^TNX) fell back after topping 4.25% on Wednesday amid worries that the Federal Reserve won't cut interest rates as quickly as anticipated. The yield dropped to just around 4.20%.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Official data released before the open showed the number of jobless claims unexpectedly fell to 227,000 last week, compared with an upwardly revised 242,000 the week before. Filings have seen volatility in states recently hit by hurricanes.

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