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Wall Street ends sharply higher, lifted by Meta and Apple

The Facebook parent surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users.

April 29, 2022 / 06:16 AM IST

Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the U.S. economy's contraction in the first quarter.

The Facebook parent surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users.

Communication services and technology were among the strongest of 11 S&P 500 sector indexes, jumping 4.04% and 3.89%, respectively.

Apple Inc, the world's most valuable company, and e-commerce giant Amazon.com Inc both rallied more than 4% ahead of their quarterly reports later in the day.