04:37 PM EDT, 10/24/2024 (MT Newswires) -- The Nasdaq Composite and the S&P 500 closed higher Thursday, boosted by a rally in Tesla (TSLA) shares, while the Dow Jones Industrial Average fell.

The Nasdaq rose 0.8% to 18,415.5, and the S&P advanced 0.2% to 5,809.9. The Dow dropped 0.3% to 42,374.4. Consumer discretionary led the gainers among sectors, while materials posted the biggest drop.

Tesla shares surged 22%, the biggest gain on the S&P and the Nasdaq. On Wednesday, the electric vehicle maker posted a surprise gain in Q3 earnings and issued a bullish outlook on 2025 volume growth.

Molina Healthcare ( MOH ) shares jumped 18%, the second-largest gain on the S&P. On Wednesday, the company reported Q3 adjusted earnings and revenue that topped estimates.

IBM ( IBM ) shares dropped 6.2%, the steepest decline on the Dow. Late Wednesday, the company posted Q3 revenue that trailed estimates and declines in consulting and infrastructure segments.

Newmont ( NEM ) shares slumped 15%, the biggest drop on S&P 500, after Q3 adjusted earnings and revenue missed estimates.

The US 10-year yield decreased 3.2 basis points to 4.21%, while the two-year rate lost 1.2 basis points to 4.07%.

In economic news, new-home sales in the US rose more than expected last month, while median prices at the national level picked up 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," said Chris Williamson, S&P Global Market Intelligence chief business economist. "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 the highest 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 0.3% to $70.53 a barrel Thursday.

While the Federal Reserve has made "good progress" in bringing inflation down, it's still running above policymakers' 2% target, Cleveland Fed President Beth Hammack said, according to Reuters.

Gold rose 0.7% to $2,749 per troy ounce, while silver dropped 0.1% to $33.82 per ounce.