US Stocks Rally After Tech Earnings Pass Muster

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2023-04-28 HKT 05:15

Share this story

facebook

  • All three major indices finished solidly higher. File photo: AFP

    All three major indices finished solidly higher. File photo: AFP

Wall Street stocks enjoyed their best session in weeks on Thursday following strong results from Facebook parent Meta, while banking shares bounced.

All three major indices finished solidly higher, with the tech-rich Nasdaq jumping 2.4 percent to 12,142.

The Dow Jones climbed 1.6 percent to 33,826, while the S&P 500 gained 2.0 percent to 4,135.

Meta surged around 14 percent as it reported a profit of $5.7 billion in the first quarter – the latest favorable results by a US tech giant – prompting relief in the market following earlier fears that the sector might sputter.

Art Hogan, an analyst at B. Riley Financial, said investors were also heartened by US gross domestic product data that showed strong consumer spending, even if the headline figure disappointed.

Further "the worst of the regional bank turmoil is likely in the rear mirror," said Hogan, noting that most US lenders released earnings that were reassuring.

"It doesn't feel like the market is expecting some contagion," Hogan said.

Among individual companies, Caterpillar shares fell 0.9 percent despite reporting solid earnings, as the market remained unconvinced about the company's outlook amid recession worries.

Shares of Southwest Airlines dropped 3.3 percent after it announced it would trim 2023 capacity and slow its hiring plan due to delays in new plane deliveries from Boeing. Boeing rose 1.5 percent.

Gap advanced 0.5 percent after the clothing chain disclosed it will cut 1,800 jobs in connection with a corporate reorganization. (AFP)

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more