Tesla reported its 13th straight loss. U.S. stocks edged higher after oil prices boosted energy shares. Bobbi Rebell reports.
Tesla reporting its 13th straight quarterly loss after the closing bell on Wednesday. A rise in sales of its Model S and Model X cars failed to make up for the huge cost of ramping up production. Stocks edged higher after a sharp rise in oil prices boosted energy shares. Encouraging data on the labor market helped boost the financial sector. Belpointe Asset Management's David Nelson: SOUNDBITE: DAVID NELSON, CHIEF STRATEGIST, BELPOINTE ASSET MANAGEMENT (ENGLISH) SAYING: "Today is about oil, as it always has been. If you go back to earlier in the year when we had that big plummet in February, March. The market almost bottomed to the day when oil did and as oil rose so did the market and it made sense. It is not just about the energy complex. There are other sectors of the economy that are dependent on higher oil and principally financial stocks which are a big part of the S&P. " Big winners included AIG, which jumped after the largest U.S. commercial insurer's profit beat forecasts. And Time Warner, which disclosed a 10 percent stake in video streaming site Hulu, raised its 2016 forecast on expectations of sustained growth in its traditional media business. The U.S. private sector added 179,000 jobs in July, beating estimates of 170,000. The report comes ahead of the more comprehensive national payrolls report on Friday. In Europe stocks were little changed with the major indexes closed mostly in the red.