The S&P 500 and Nasdaq Composite closed higher on Thursday as EV maker Tesla had its best day in a decade, while the Dow Jones Industrial Average extended its losing streak to four days.

Tesla Inc.'s eye-popping rally on Thursday after "a solid beat on the bottom and a minor miss on the top" for the third quarter has been the "silver bullet" helping provide a lift to the stock market, said Louis Navellier, founder of Navellier & Associates.

The S&P 500 ended higher for the first time this week as Tesla surged 21% after posting a strong earnings beat.

The S&P 500 and the Nasdaq rebounded on Thursday, after Tesla's upbeat earnings forecast lifted market sentiment following a selloff in the previous session, kicking off megacap results on a promising note.

U.S. stocks were poised to record their biggest one-day drops in roughly seven weeks on Wednesday, as worries about rising Treasury yields and the potential outcome of the upcoming Nov. 5 presidential election weighed on investors.

The Nasdaq jumped on Thursday, driven by Tesla's positive earnings forecast, which buoyed market sentiment despite declines from other corporate results and pressure from rising Treasury yields. Shares of the company soared 19%,

The S&P 500 was settling into modest gains thanks to help from Tesla and other major consumer discretionary stocks. The market benchmark was up 0.2% after shaking off some jitters around noon ET. Though the Invesco S&P 500 Equal Weight ETF’s gain of just 0.