Wall Street Closes Up as Megacap Tech Stocks Rally

Investors cheered Alphabet's first-ever dividend, its $70 billion stock buyback program, and better-than-expected first-quarter results. Its shares jumped to a record high, lifting the Google-parent's market value above $2 trillion.

"The earnings reports of Microsoft and Google allayed a lot of the concerns about the fact that the spending on data centers and AI, which Meta had raised a day before, was going to compress margins," said Tom Plumb, president and lead portfolio manager at Plumb Funds in Madison, Wisconsin. "Both Google and Microsoft had indicated that with their current capital plans, they still expected their margins to expand.

The report offered some relief to financial markets spooked by worries of stagflation a day after data showed inflation surging and economic growth slowing in the first quarter. According to preliminary data, the S&P 500 gained 50.27 points, or 1.00%, to end at 5,098.69 points, while the Nasdaq Composite gained 311.00 points, or 1.99%, to 15,922.76. The Dow Jones Industrial Average rose 151.37 points, or 0.40%, to 38,237.17.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall St Week Ahead 'Crowded' megacap trade in US stocks awaits earnings testNext week’s earnings reports from some of the market’s biggest technology and growth companies could prove an important test for the U.S. stock rally, which has flagged as expectations for interest cuts fade.
Source: Reuters - 🏆 2. / 97 Read more »

Stock market today: Wall Street rises to more records to close out its latest winning monthWall Street coasted to its latest winning month and quarter by rising to more records.
Source: latimes - 🏆 11. / 82 Read more »

Stock market today: Wall Street falls on double dose of disappointing economic data, as Meta sinksStocks closed lower on worries about a potentially toxic cocktail for financial markets, one where inflation remains stubbornly high but the economy’s growth flags
Source: latimes - 🏆 11. / 82 Read more »

Stock market today: Tesla cruises higher as most of Wall Street drifts in mixed tradingU.S. stocks drifted to a mixed finish Wednesday as Wall Street’s momentum eased following some sharp swerves.
Source: latimes - 🏆 11. / 82 Read more »

Tesla stock targets slashed across Wall Street after earnings missTesla stock targets slashed across Wall Street after earnings miss
Source: Investingcom - 🏆 450. / 53 Read more »