04:57 PM EDT, 10/24/2024 (MT Newswires) -- The Nasdaq Composite and the S&P 500 closed higher Thursday, aided by a post-earnings rally in Tesla (TSLA) shares, while the Dow Jones Industrial Average fell.

The technology-heavy Nasdaq rose 0.8% to 18,415.5, while the S&P 500 advanced 0.2% to 5,809.9. The Dow dropped 0.3% to 42,374.4. Consumer discretionary led the gainers among sectors, up 3.2%. Materials saw the biggest drop.

In company news, Tesla shares surged nearly 22%, the best performer on the S&P 500 and the Nasdaq. Late Wednesday, the electric vehicle maker's third-quarter earnings unexpectedly increased year over year, but revenue fell short of Wall Street's estimates.

The company said it expected "slight growth" in vehicle deliveries this year, compared with prior projections for vehicle volume to possibly be "notably lower" annually.

Molina Healthcare ( MOH ) was the second-top gainer on the S&P 500 Thursday, up 18%. The company delivered a third-quarter beat late Wednesday.

IBM ( IBM ) shares dropped 6.2%, the steepest decline on the Dow. Late Wednesday, the computer hardware and software firm posted third-quarter earnings ahead of the Street's expectations, while its revenue fell short amid declines in its consulting and infrastructure segments.

Newmont ( NEM ) shares sank 15%, the worst performer on the S&P 500, following a third-quarter miss late Wednesday.

The US 10-year yield decreased three basis points to 4.21%, while the two-year rate lost one basis point to 4.08%.

In economic news, new-home sales in the US rose more than expected last month, while median prices at the national level picked up both sequentially and annually, government data showed.

"There was no discernible impact on sales in the South from Hurricane Helene," Oxford Economics said.

US private-sector output expanded in October, while the year-ahead outlook reached a 29-month high, according to S&P Global's ( SPGI ) flash purchasing managers' index.

"Companies hope that a stabler post-election environment is more conducive to growth," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "This is especially so in the manufacturing sector, where factories hope that the current soft patch in production and sales will reverse as the uncertainty caused by the political environment passes."

Weekly applications for unemployment insurance in the US declined last week, while continuing claims rose to their highest point since November 2021, according to government data.

Manufacturing activity in the US Midwest region improved to shallower contraction territory this month, according to data from the Federal Reserve Bank of Kansas City.

West Texas Intermediate crude oil dropped 0.5% to $70.45 a barrel Thursday.

Gold rose 0.7% to $2,748 per troy ounce, while silver dropped 0.1% to $33.82 per ounce.