stockspopped higher Thursday, cementing a gain of 3% for the Nasdaq Composite.
- Investors piled into
Meta Platforms‘ shares after the social media company reported results on Wednesday.
Stocks soared Thursday, paced by tech shares after Meta Platforms’ quarterly report raised expectations for upbeat results from other giants in the sector just before investors close the books on a losing month.
The tech-concentrated Nasdaq Composite scored its second consecutive rise of at least 3%. The session’s star was Meta Platforms as the company posted a first-quarter rise in daily active users by 3 million from the last quarter to 1.96 billion, beating analyst expectations of 1.95 billion. Qualcomm also jumped following a solid sales forecast from the smartphone chips maker.
The information technology sector was the best performing on the S&P 500 Index and lead gains among 10 other groups. Thursday’s gain for the Nasdaq Composite helped tug the index modestly away from bear-market territory.
Here’s where US indexes stood at 4:00 p.m. on Thursday:
- S&P 500: 4,287.59, up 2.48%
- Dow Jones Industrial Average: 33,916.26, up 1.84% (614.33 points)
- Nasdaq Composite: 12,871.53, up 3.06%
Investors appeared to set aside the Commerce Department’s report that US gross domestic product shrank by 1.4% in the first quarter of 2022, a contraction that was unexpected. “Volatile inventory and net exports were the primary contributors, partially offset by strong private final domestic demand. That said, strong consumer spending momentum will provide a solid take-off point for growth in Q2,” said economists at Barclays in a note.
Twitter rose after its first-quarter report was released, with the social media platform in focus this week after it agreed to sell itself to billionaire investor and Tesla boss Elon Musk for $44 billion. The FTC reportedly is looking at whether Elon Musk’s initial 9% stake in Twitter violated antitrust rules.
Bitcoin rose 1.5% to $39,690.35.