US stock markets closed higher on Thursday, driven by a combination of factors including a flurry of activity related to electric vehicle incentives. The Dow Jones Industrial Average reached 46,520 points by the close of trading in New York, marking a 0.2% increase from the previous day’s performance.
The broader S&P 500 registered at approximately 6,715 points, up 0.1%, while the Nasdaq 100 index stood at around 24,893 points, showing a gain of 0.4% at the same time.
Tesla’s recent earnings report, released during the start of the quarterly reporting season, revealed a record number of vehicle deliveries for the third quarter. Analysts attribute this surge to a last-minute rush by buyers eager to take advantage of expiring tax credits for electric vehicles in the United States. Following the release of the figures, Tesla shares initially climbed, temporarily pushing the net worth of CEO Elon Musk above $500 billion according to Forbes.
Looking ahead, the expiration of these tax credits exemplifies a shift in energy policy, highlighting potential implications for renewable energy initiatives and climate solutions. This policy direction is currently manifested in the pausing of several energy projects in response to the ongoing government shutdown.
The Euro weakened slightly against the US dollar, trading at $1.1723, with the dollar fetching €0.8530.
Gold prices also showed a decline, with a fine ounce trading at $3,856 (-0.3%). This equates to a price of €105.74 per gram.
Crude oil prices saw a more significant drop, with a barrel of Brent North Sea crude falling to $64.30, a decrease of $1.05 or 1.6% compared to the closing price of the previous trading day.
