Stock Market Today: Stocks Climb After Tesla Earnings, GDP
The electric vehicle maker reported record profit and revenue for the fourth quarter.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
A choppy start for stocks on Thursday led to a solid finish as investors mulled over the latest batch of quarterly earnings and economic reports.
Tesla (TSLA) headlined a busy earnings calendar – and Wall Street cheered the electric vehicle maker's fourth-quarter results. Meanwhile, the latest gross domestic product (GDP) reading showed the U.S. economy grew at a faster-than-expected pace in the final three months of 2022, even as interest rates increased and inflation remained stubbornly high.
Tesla released its Q4 results late Wednesday, sending shares up 11% today. The company reported earnings of $1.19 per share on $24.3 billion in revenue – both record figures for TSLA. Consensus estimates were for earnings of $1.13 per share on $24.7 billion in sales. The carmaker also said it plans to "grow production as quickly as possible" in order to meet its target of 50% average annual growth.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
As for today's economic data, the Bureau of Economic Analysis said this morning that GDP grew at an annual rate of 2.9% in the fourth quarter, a quicker pace than what was seen in the third quarter. However, consumer spending slowed, rising 2.1% in Q4 vs. 2.3% in Q3.
Wall Street's top minds were quick to chime in on the GDP, including Carol Schleif, chief investment officer at BMO Family office. "Thursday's GDP report suggests that the economy is relatively strong even in the face of aggressive measures by the Federal Reserve to calm inflation," Schleif says. "Businesses and consumers are moderating their spending after the initial exuberant post-pandemic surge and we expect this slowing of momentum to allow the economy to tick along solidly but on a slower and more sustainable path."
At the close, the Nasdaq Composite was up 1.8% at 11,512, the S&P 500 was 1.1% higher at 4,060, and the Dow Jones Industrial Average had gained 0.6% to 33,949.
Chevron Unveils $75 Billion Buyback Program
Chevron (CVX) was one of the best Dow Jones stocks today – second only to Salesforce (CRM, +5.7%) – climbing 4.8% after the energy giant unveiled a massive share repurchase program. Specifically, CVX said its board of directors approved $75 billion in stock buybacks, with the program set to go into effect on April 1. The oil giant – well-known as being one of the best dividend stocks on Wall Street – also hiked its quarterly payout by 6% to $1.51 per share.
CVX's announcement and subsequent share-price move made energy the best-performing sector today (+3.2%), but this is just more of the same. Year-to-date, the energy sector is up more than 6%, building on 2022's impressive gains.
And there are plenty of potentially positive catalysts for oil stocks over the next few months, which could keep the wind at their back. These include China's reopening, the Biden administration ending the release of strategic petroleum reserves, and rising demand in the spring and summer months, says Louis Navellier, chairman and founder of Navellier & Associates. Continued gains could certainly benefit the best energy stocks, while energy ETFs would also reap the rewards.
-
Dow Adds 1,206 Points to Top 50,000: Stock Market TodayThe S&P 500 and Nasdaq also had strong finishes to a volatile week, with beaten-down tech stocks outperforming.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
If You'd Put $1,000 Into AMD Stock 20 Years Ago, Here's What You'd Have TodayAdvanced Micro Devices stock is soaring thanks to AI, but as a buy-and-hold bet, it's been a market laggard.
-
Dow Rises 313 Points to Begin a Big Week: Stock Market TodayThe S&P 500 is within 50 points of crossing 7,000 for the first time, and Papa Dow is lurking just below its own new all-time high.
-
If You'd Put $1,000 Into UPS Stock 20 Years Ago, Here's What You'd Have TodayUnited Parcel Service stock has been a massive long-term laggard.
-
How the Stock Market Performed in the First Year of Trump's Second TermSix months after President Donald Trump's inauguration, take a look at how the stock market has performed.
-
Dow, S&P 500 Rise to New Closing Highs: Stock Market TodayWill President Donald Trump match his Monroe Doctrine gambit with a new Marshall Plan for Venezuela?
-
'Donroe Doctrine' Pumps Dow 594 Points: Stock Market TodayThe S&P 500 rallied but failed to turn the "Santa Claus Rally" indicator positive for 2026.
-
If You'd Put $1,000 Into Lowe's Stock 20 Years Ago, Here's What You'd Have TodayLowe's stock has delivered disappointing returns recently, but it's been a great holding for truly patient investors.
-
Stocks End Volatile Year on a Down Note: Stock Market TodayAfter nearing bear-market territory in the spring, the main market indexes closed out the year with impressive gains.
