NEW YORK CITY – Stocks on Wall Street rose on Thursday as investors analyzed comments from Federal Reserve Chair Jerome Powell and closely monitored a significant milestone for a widely followed bond yield. The S&P 500 and Nasdaq Composite each gained 0.3%, while the Dow Jones Industrial Average climbed 140 points or 0.4%.

Powell’s remarks on the economy and interest rates did not provide traders with a clear indication of the Federal Reserve’s next move. He acknowledged that inflation remained elevated and would likely require lower economic growth. However, Powell also noted that recent data showed progress in slowing prices and emphasized that monetary policy was still accommodative.

Meanwhile, the benchmark 10-year Treasury yield reached a high of 4.996%, inching closer to the significant 5% level last seen in 2007. This level has garnered widespread attention from investors. Weekly jobless claims came in below 200,000, suggesting the economy’s resilience despite higher interest rates.

Earnings reports also shaped market sentiment, with more than 15% of S&P 500 companies having already reported this season. Of those, more than 74% surpassed Wall Street’s expectations. Tesla shares tumbled over 9% after the company missed analyst estimates for earnings and revenue in the third quarter. CEO Elon Musk also expressed concerns about the cash flow generation of the company’s Cybertruck. In contrast, Netflix shares surged over 15% as the streaming giant posted third-quarter earnings that exceeded estimates.

Beyond the technology sector, AT&T rose more than 6% after beating expectations for the third quarter. However, investment firm Blackstone experienced a 6% decline due to a weaker-than-expected report.

In conclusion, stocks advanced on Wall Street as investors assessed Powell’s comments and observed the bond yield’s progress. While inflation concerns persisted, positive earnings reports provided some support to the market. The 10-year Treasury yield approached the psychologically significant 5% level.