Global markets update: US stocks soar on strong tech earnings, Nasdaq climbs 2.27%
US stocks soared on Thursday on strong earnings from mega tech companies.
The Nasdaq Composite climbed 2.27%, fuelled by the upbeat quarterly results from Meta Platforms Inc.
The S&P 500 gained 72.06 points, or 1.78%, at 4,128.05. The Dow Jones Industrial Average rose 479.55 points, or 1.44%, at 33,781.42.
Shares of Facebook-owner Meta jumped 13.93% at $238.56 after beating earnings forecasts.
First Republic Bank stock, which lost more than half of its value this week, rebounded 8.79% at $6.19 on Thursday.
Treasury yields rose on expectations that the Federal Reserve will raise interest rates again next week.
The US dollar strengthened against the euro and yen after the data showed US gross domestic product (GDP) rose at an annual rate of 1.1% in the March quarter, down from 2.6% in the fourth quarter last year.
The dollar rose to 133.99 Japanese yen from 133.56. The euro fell to $1.1025 from $1.1039.
Europe
European shares closed higher on Thursday on upbeat earnings from Deutsche Bank and Barclays. The pan-European STOXX 600 index gained 0.2%.
Deutsche Bank AG climbed 2.5% on better-than-expected first quarter profit.
Barclays Plc rose 5.3% on an estimate-beating quarterly profit.
Britain’s FTSE 100 fell 0.3% at 7,831.58. Germany’s DAX 40 rose less than 0.1% at 15,800.45. France’s CAC 40 added 0.2% at 7,483.84.
Asia
Asian markets edged higher.
Hong Kong’s Hang Seng index rose 0.4% at 19,840.28. In China, Shanghai Composite added 0.7% at 3,285.88. South Korea’s benchmark Kospi rose 10.98 points, or 0.44%, to close at 2,495.81.
Japan’s Nikkei 225 gained 0.2% at 28,457.68.
Australia’s S&P/ASX 200 index closed down 0.3% at a two-week low of 7,292.7. New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to end at 11,918.22.
Oil prices
Brent crude for June delivery gained 68 cents to $78.37 a barrel on Thursday. US crude oil benchmark for June delivery rose 46 cents to $74.76 a barrel.
Bullion
Gold for June delivery rose $3 to $1,999 an ounce. Silver for July delivery added 14 cents to $25.21 an ounce.
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