Dow Jones Rallies; Tesla Dives, Leads ‘Race To The Bottom;’ Warren Buffett Stock Craters

The Dow Jones Industrial Average gained as stocks reversed higher Thursday. Tesla (TSLA) took a dive after its investors day event fell flat. Warren Buffett stock Snowflake (SNOW) took tumble, while crypto bank Silvergate Capital (SI) cratered.

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A solitary stock dared to attempt a breakout amid the challenging broader action. Builders FirstSource (BLDR) managed to clear a buy point after reversing higher.

Stocks staged an impressive rebound after being pressed lower amid ongoing labor market strength. Initial weekly unemployment claims surprisingly fell to 190,000 vs. 192,000 in the previous week. They were expected to rise to 200,000.

This raised fears the Federal Reserve may raise rates higher for longer. But stocks fought back amid reports Federal Reserve Bank of Atlanta President Raphael Bostic, who is not a voting member, said the central bank could be in a position to pause tightening by mid- to late summer.

The yield on the benchmark 10-year Treasury note rose seven basis point to 4.06%. Oil inched up, with West Texas Intermediate crude gaining fractionally to trade at just around $78 per barrel.

Nasdaq Reverses Higher, IBD 50 Lags

The current market uptrend remains under pressure but stocks showed some resilience Thursday.

The Nasdaq fought its way out of the red to turn in a gain of 0.7%. Dexcom (DXCM), a leader in the continuous glucose monitoring device market for diabetics, performed well with a 9.5% gain.

The S&P 500 was also reversed higher, rising 0.5%. Take-Two Interactive Software (TTWO) did well here, rising 6.1%.

The S&P 500 sectors were mostly positive. Utilities and technology fared best while financials lagged.

Small caps managed to fight back, with the Russell 2000 rising 0.2%. Growth stocks managed to get into positive territory late, with the Innovator IBD 50 ETF (FFTY) gaining 0.1%.

Dow Jones Today: Salesforce Stock Rockets

The Dow Jones Industrial Average was the strongest major index all day. It powered into the close to gain more than 300 points, or 1.1%.

The blue chip barometer got a big boost by the performance of…

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