US Stocks Buoyed By Strong Facebook Result

Wall Street stocks closed higher on Thursday after earnings from Facebook ignited a rally in shares of large technology companies.

Among major indices, the Nasdaq Composite Index was the leader, piling on 1.6 percent to 7,118.

The Dow Jones Industrial Average advanced 1.0 percent to 24,322, and the S&P 500 also gained 1.0 percent to 2,666.

Stocks have been under pressure much of the week after the yield on the 10-year US Treasury bonds hit 3.0 percent earlier this week, sharpening fears about higher interest rates. Yields pulled back a touch on Thursday.

Investors cheered Facebook after the social media giant reported a 63 percent rise in first-quarter profits to US$5 billion, undented by a consumer data scandal, lifting shares by 9.1 percent.

"Facebook's impressive earnings and revenue results have helped to put investors in a good mood," said Gorilla Trades strategist Ken Berman.

Besides Facebook, Amazon, Google parent Alphabet and Microsoft all rose about 2.0 percent or more. (AFP)