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  3. US markets end higher on upbeat earnings news

US markets end higher on upbeat earnings news

29 Apr 2022 Evaluate

The US markets ended higher on Thursday on upbeat earnings news. A slew of corporate earnings reports drove market sentiment, appearing to be a green light for investors to pick up beaten-down names. Shares of Meta surged 17.5% following a beat on earnings, a sign that investors may see signs of relief in the beaten-up tech sector. Shares were down 48% on the year heading into the results. Qualcomm gained 9.7% on the back of strong earnings, while PayPal rose roughly 11.5% despite issuing weak guidance for the second quarter. Apple and Amazon both rose more than 4% ahead of reporting earnings after the bell. On the sectoral front, With Qualcomm helping to lead the way higher, semiconductor stocks showed a substantial move to the upside on the day. The Philadelphia Semiconductor Index soared by 5.6 percent after ending the previous session at its lowest closing level in almost a year.

On the economic data front, US economic activity unexpectedly contracted in the first quarter of 2022, according to a report released by the Commerce Department. The report said real gross domestic product declined by 1.4 percent in the first quarter after spiking by 6.9 percent in the fourth quarter of 2021. The pullback surprised participants, who had expected GDP to increase by 1.1 percent. The Commerce Department said the unexpected drop in GDP reflected decreases in private inventory investment, exports, and government spending along with an increase in imports, which are a subtraction in the calculation of GDP. Meanwhile, first-time claims for U.S. unemployment benefits edged slightly lower in the week ended April 23rd, the Labor Department revealed in a report released. The report showed initial jobless claims dipped to 180,000, a decrease of 5,000 from the previous week's revised level of 185,000. Street had expected jobless claims to slip to 180,000 from the 184,000 originally reported for the previous week.

Dow Jones Industrial Average rose 614.46 points or 1.85 percent to 33,916.39, Nasdaq surged 382.6 points or 3.06 percent to 12,871.53 and S&P 500 was up by 103.54 points or 2.47 percent to 4,287.5. 

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