American Airlines is flying high in the second quarter. And Tesla changes its mind about Bitcoin. The European Central Bank just raised interest rates for the first time in 11 years – by 50 basis points – as it tries to cool inflation on the other side of the pond.
The Dow gained 162 points, or half a percent, to close at 32,036
The S&P was up 39 points, or 1%.
The Nasdaq finished the day up 1.3%, gaining 161 points.
American Airlines posted its first quarterly profit since Covid began. But then the airline said it would scale back growth plans by 10% after all the disruptions this year. American plans to be back in black in the third quarter. The stock fell 8% today.
A former Coinbase manager and two others are now charged in a first-ever crypto insider trading scheme. Prosecutors claim they planned to use confidential Coinbase information about when certain assets would be listed on Coinbase’s exchanges.
Tesla reported $2.3 billion in profit in the second quarter, higher than expectations. And today we learn Tesla has sold 75% of its Bitcoin holdings. Early last year, the carmaker bought $1.5 billion in bitcoin, touting the “long-term potential.”
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.