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US stocks rise on earnings deluge, Meta jumps 15% on robust result

Standouts among the myriad companies reporting results included Facebook parent Meta, which soared around 15 percent after reporting better-than-expected results, calming investors worried about the toll of competition from TikTok and eased pandemic restrictions.

April 28, 2022 / 07:48 PM IST

Wall Street stocks rose early Thursday as the market tries shrug off recent weakness while digesting mixed earnings and a surprisingly weak US economic growth report.

Standouts among the myriad companies reporting results included Facebook parent Meta, which soared around 15 percent after reporting better-than-expected results, calming investors worried about the toll of competition from TikTok and eased pandemic restrictions.

But Caterpillar and Amgen were among the companies to see declines after reporting results.

Also Read: US GDP dropped 1.4% annualised in Q1 2022, worse than expected

"The earnings landscape isn't exactly a field of sunflowers," said Briefing.com analyst Patrick O'Hare. "There are enough weeds popping up that continue to raise doubts about the achievability of full-year earnings growth estimates."

Close

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 33,419.39.

The broad-based S&P 500 gained 0.7 percent to 4,214.89, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 15,741.82.

US economic growth fell 1.4 percent annualized in the first quarter of 2022 as the Omicron variant of Covid-19 and tapering of government spending hit consumers and business, government data said Thursday.

The result was disappointing after analysts forecast a mild increased, although some experts pointed to positive aspects in the report, such as strong consumer spending.



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AFP
first published: Apr 28, 2022 07:31 pm
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