New York, April 27 (BNA): Wall Street rose Thursday after Meta Platforms became the latest Big Tech company to beat previous earnings expectations, and reports painted a mixed picture for the US economy, according to the Associated Press.
The S&P 500 rose 1.3% in the afternoon session, on pace for its first gain in three days. The Dow Jones Industrial Average was up 316 points, or 1%, at 33,619 as of 12:57 PM ET, while the Nasdaq Composite was leading the market, gaining 1.9%.
Facebook’s parent company was making the biggest lift, jumping 14.5%. Not only did Meta beat analyst estimates for earnings for the first three months of the year, it also gave revenue forecasts that beat expectations.
The majority of companies have beat expectations so far this earnings reporting season. Hasbro rose 12.7%, and Comcast rose 8.1% after it also beat Wall Street estimates.
But expectations were broadly lower this reporting season due to continued high inflation, higher interest rates and a slowing economy.
Thursday’s report provided the first indication of how slowing the US economy is: down to estimated growth of about 1.1% at an annual rate during the first three months of 2023 from 2.6% at the end of last year.
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