After the markets crossed into negative territory earlier in the day, bullish investors were able to stop the bleeding and push the market higher this afternoon. Investors had a number of big earnings reports to review, but the headline story for today was Telsa Motors (NASDAQ:TSLA) reporting a stronger second quarter than many had anticipated, as well as the promise to be profitable going forward.
In economic news, the Labor Department reported initial jobless claims increased by 5,000 to a seasonally adjust rate of 333,000 claims. This report comes one week after initial jobless claims had reached a new five year low and was also lower than economists had estimated.
In corporate news, McDonald's (NYSE:MCD) reported that July sales increased 0.7% globally at locations open more than one year. In the regional report, investors found that sales increased by 1.6% in the US, but slipped 1.9% in both Europe and in the Asia/Middle East/Africa region.
After the bell, investors will have earnings reports from Dendreon (NASDAQ:DNDN), Gold Resource Corp (AMEX:GORO) and Lions Gate Entertainment (NYSE:LGF).
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