Dramatic Price Swings In Wall Street As Traders Eagerly anticipate Powell’s Speech

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Tesla surged about 6% after better-than-expected earnings. Several analysts lauded Tesla after the release, with one calling it a “core holding.”

The Dow had strong gains led by strong earnings from Procter & Gamble. Meanwhile, the technology-heavy Nasdaq Composite was dragged down 1% by Netflix’s 35% decline.

“It continues to be a pretty bifurcated market,” said Dave Grecsek, managing director in investment strategy and research at wealth management firm Aspiriant. “Some of the more defensive, value-style companies are enjoying good returns. The flipside is some of those more growth-style tech names are going to be struggling.”

In economic data, initial jobless claims came in slightly higher than expected at 184,000 for the week ending April 16, showing a decline of 2,000. Dow Jones analysts estimated 182,000 first-time claims.