Tesla surprises with quarterly profit

After the bell Tesla reversed a year-ago loss on record deliveries. Earlier in the day, stocks closed mixed on earnings from names like Boeing and Coca Cola.

CALIFORNIA (Reuters) - A surprise quarterly profit from Tesla was seen on Wednesday (Oct 26) after the bell. This emerged as the electric carmaker reported record deliveries.

Stocks closed mixed as investors sifted through the latest earnings news including Apple's first profit decline since 2001.

Mr Eric Wiegand, senior portfolio manager at US Bank, said, "We do think, in order to see meaningful improvement in the markets from here, we will need to see evidence of further earnings growth."

To inject new interest in its declining computing business, Microsoft unveiled a free update to its Windows operating system, Creators Update. It lets users take 3D photos. And it introduced the Surface Studio, a stylish desktop computer.

Coca Cola's revenue beat forecasts on higher soda prices and strong demand for water and sports drinks in North America.

Boeing's earnings came in better-than-expected as cost cutting offfset a slide in revenue, and it boosted its delivery forecast.

New home sales - a tenth of all US home sales - rose more than three per cent in September pointing to ongoing demand in the housing market.

In Europe, stocks lost their grip on early gains, closing lower on the day.