NEW YORK: Wall Street stocks rose early Thursday following strong earnings from tech giants Microsoft and Meta, as markets await key labor data later in the week.
Shares of Facebook parent Meta Platforms jumped 5.1 percent while Microsoft surged nearly ten percent after both companies released strong results after the market closed on Wednesday.
About 20 minutes into trading, the Dow Jones Industrial Average was at 40,935.90, up 0.7 percent.
The broad-based S&P 500 gained 1.1 percent to 5,629.34, while the tech-rich Nasdaq Composite Index jumped 1.9 percent to 17,782.02.
Wall Street tumbles as economy contracts
US stocks have been on an upswing over the last week as the President Donald Trump’s administration touts progress on talks with trading partners over his wide-ranging tariffs.
On Wednesday, equities initially tumbled after a poor US GDP report for the first quarter added to recession worries, but later rebounded following data showing solid US consumer spending and benign inflation.
Markets are looking ahead to Friday’s labor report data for April, the first major economic report to include the period after Trump’s sweeping April 2 tariff announcement that has been partly reversed.
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