US stocks had their best day in months after strong corporate earnings, with traders sidestepping concerns about the economy as growth data for the first quarter came in lower than expected.
The Dow Jones Industrial Average jumped more than 500 points during the session, notching the gauge's best day since January 6.that beat expectations and issuing an upbeat forecast. The social media giant followed solid earnings from both Alphabet and Microsoft. Equities rose despite GDP increasing less than expected for the first quarter, piling on to worries of a looming recession. The economy grew at a rate of 1.1% on an annualized basis in the first three months of 2023.
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Meta Platforms stock rallies on results, Mobileye Global stock sinks and other stocks on the moveCaterpillar and Merck & Co’s stock rise after reporting quarterly results.
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Amazon stock soars more than 10% after earnings show a return to big profitAmazon’s first-quarter profit reached $3.17 billion, or 31 cents a share, improving from a loss of 38 cents a share a year ago. $AMZN zoomed higher in late trading Thursday, after the company posted its biggest quarterly profit since 2021:
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Dow, S&P 500 close lower Wednesday as First Republic woes eclipse Big Tech earnings: Live updatesThe Dow lost more than 200 points as investors’ worries around First Republic overpowered their excitement around Big Tech earnings. The Dow fell 0.68%. The S&P 500 shed 0.39%. The Nasdaq popped 0.47%.
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