Microsoft (MSFT) and Meta Platforms (META) drove Wall Street higher after delivering profits for the start of the year that were even bigger than analysts expected.
The S&P 500 rose 0.6% Thursday and was back within 8.8% of its record set earlier this year. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite jumped 1.5%.
Treasury yields swiveled in the bond market following some mixed reports on the economy. Yields initially sank after a report showed more U.S. workers applied for unemployment benefits last week than expected, but they later recovered following a better-than-feared update on U.S. manufacturing.
On Thursday:
The S&P 500 rose 35.08 points, or 0.6%, to 5,604.14.
The Dow Jones Industrial Average rose 83.60 points, or 0.2%, to 40,752.96.
The Nasdaq composite rose 264.40 points, or 1.5%, to 17,710.74.
The Russell 2000 index of smaller companies rose 11.74 points, or 0.6%, to 1,975.86.
For the week:
The S&P 500 is up 78.93 points, or 1.4%.
The Dow is up 639.46 points, or 1.6%.
The Nasdaq is up 327.80, or 1.9%.
The Russell 2000 is up 18.25 points, or 0.9%.
For the year:
The S&P 500 is down 277.49 points, or 4.7%.
The Dow is down 1,791.26 points, or 4.2%.
The Nasdaq is down 1,600.05, or 8.3%.
The Russell 2000 is down 254.30 points, or 11.4%.
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