Wall Street steamed to its best day since January after Meta Platforms became the latest Big Tech company to blow past profit forecasts.
The S&P 500 rose 2% Thursday. The Dow rose 1.6% and the Nasdaq added 2.4%. Facebook’s parent company did the heaviest lifting with an increase of 13.9%.
Expectations were broadly low coming into this earnings reporting season, in part because of a slowing economy. A report suggested the economy slowed even more than expected in the first quarter, but it also showed signs of underlying strength. Treasury yields rose on expectations the Federal Reserve will raise interest rates again next week.
On Thursday:
The S&P 500 rose 79.36 points, or 2%, to 4,135.35.
The Dow Jones Industrial Average rose 524.59 points, or 1.6%, to 33,826.16.
The Nasdaq composite rose 287.89 points, or 2.4% to 12,142.24.
The Russell 2000 index of smaller companies rose 20.81 points, or 1.2%, to 1,751.22.
For the week:
The S&P 500 is up 1.83 points, or less than 0.1%.
The Dow is up 17.20 points, or 0.1%.
The Nasdaq is up 69.78 points, or 0.6%.
The Russell 2000 is down 40.28 points, or 2.2%.
For the year:
The S&P 500 is up 295.85 points, or 7.7%.
The Dow is up 678.91 points, or 2%.
The Nasdaq is up 1,675.76 points, or 16%.
The Russell 2000 is down 10.02 points, or 0.6%.
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