Stocks rose on Thursday as investors weighed several key earnings reports and kept an eye on the bond market, where Treasury yields continue to climb.
The Dow Jones Industrials shot higher 220.55 points to 30,644.36.
The S&P 500 improved 17.13 points to 3,712.32.
The NASDAQ climbed 72.7 points to 10,753.20.
Several strong earnings reports were supporting the market, with AT&T gaining 4.7% and IBM rising 2.8%, after beating estimates on the top and bottom lines for their most recent quarter.
On the downside, Tesla shares dropped almost 6% after the electric vehicle maker said Wednesday evening it expects to miss its 2022 deliveries target. The company also posted a quarterly revenue that missed analyst expectations.
On the economic front, the weekly jobless claims showed a surprise decline in initial filings, but the Philadelphia Fed index showed a contracting manufacturing sector.
Treasury prices edged off a bit, raising yields to 4.16% from Wednesday's 4.13%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.50 to $88.05 U.S. a barrel.
Gold prices acquired $3.90 to $1,638.10 U.S. an ounce.