Microsoft and Meta Platforms 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 percent Thursday and was back within 8.8 percent of its record set earlier this year. The Dow Jones Industrial Average added 0.2 percent, and the Nasdaq composite jumped 1.5 percent.
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 percent, to 5,604.14.
The Dow Jones Industrial Average rose 83.60 points, or 0.2 percent, to 40,752.96.
The Nasdaq composite rose 264.40 points, or 1.5 percent, to 17,710.74.
The Russell 2000 index of smaller companies rose 11.74 points, or 0.6 percent, to 1,975.86.
For the week:
The S&P 500 is up 78.93 points, or 1.4 percent.
The Dow is up 639.46 points, or 1.6 percent.
The Nasdaq is up 327.80, or 1.9 percent.
The Russell 2000 is up 18.25 points, or 0.9 percent.
For the year:
The S&P 500 is down 277.49 points, or 4.7 percent.
The Dow is down 1,791.26 points, or 4.2 percent.
The Nasdaq is down 1,600.05, or 8.3 percent.
The Russell 2000 is down 254.30 points, or 11.4 percent.
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