Stocks finished Thursday higher as strong results from Meta Platforms boosted tech-related names.
The Dow Jones Industrial Average advanced 524.29 points, or 1.57%, to close at 33,826.16. The Nasdaq Composite jumped 2.43% to finish at 12,142.24, while the S&P 500 climbed 1.96% to end at 4,135.35. It was the best day since January for the Dow and S&P 500 and since March for the Nasdaq.
Meta shares leapt 13.9% after the company reported quarterly revenue that topped expectations and issued an upbeat forecast. Several analysts hiked their price targets following the release. Shares of other tech-related names such as Amazon, 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.”
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