Dow soars 524 points as US stocks notch best day since January after streak of upbeat earnings

  • US equities climbed Thursday on more upbeat corporate earnings. 
  • Meta Platforms beat estimates and issued strong guidance.
  • Weaker-than-expected GDP data didn’t dampen the rally on Thursday. 

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.

Shares of Meta Platforms Inc. surged 14% after posting first-quarter results that beat expectations and issuing an upbeat forecast. The social media giant followed solid earnings from both Alphabet and Microsoft. Inc and Intel Corp. are next among big tech firms to report quarterly results. 

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. 

Here’s where US indexes stood shortly after the 4:00 p.m. ET close on Thursday:

Here’s what else is going on:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil rose 0.62% to $74.81 per barrel. Brent crude, oil’s international benchmark, rose 0.4% to $78.38.
  • Gold inched higher to $1,997.30 per ounce.
  • The yield on the 10-year Treasury rose nine basis points to 3.52%.
  • Bitcoin surged 8% $29,647.