Dow jumps 500 points on strong earnings, heads for best day since January: Live updates

Traders work on the floor of the New York Stock Exchange.

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Stocks rose Thursday, as strong results from Meta Platforms boosted tech-related names, and investors weighed the latest data on the U.S. economy.

The Dow Jones Industrial Average advanced 539 points, or 1.6%, putting it on pace for the best day since Jan. 6. The Nasdaq Composite jumped 2.5%, while the S&P 500 climbed 2%.

Meta shares leapt more than 14% as the company reported quarterly revenue that beat expectations and issued an upbeat forecast. Several analysts hiked their price targets following the release. Shares of other tech-related names such as Amazon — which is slated to report after the bell — Alphabet, Microsoft and Apple, also popped.

“The market was waiting with bated breath for Big Tech,” said Quincy Krosby, chief global strategist at LPL Financial. “Across the board, it hasn’t disappointed, and the market needed that.”

Stocks rose despite a weaker-than-expected GDP data, which may suggest to some investors that the Federal Reserve could soon wrap up its tightening campaign. The Fed is slated announce its latest policy decision next week.

The U.S. economy grew 1.1% in the first quarter, while economists polled by Dow Jones forecasted an expansion of 2%. The report also showed stronger-than-expected inflation, with prices increasing 4% compared with a consensus estimate of 3.7%.

Honeywell, an industrial bellwether, popped more than 3% on the back of a quarterly report that was better than Wall Street expected. Teladoc and Comcast were among the other companies trading higher after releasing earnings reports.

However, Caterpillar, another barometer of the global economy, fell nearly 1% as investors feared a build-up in inventory suggests demand is slowing.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.