U.S. stocks rise on strong earnings reports: Technology shares lead the gains

“U.S. stocks climbed Thursday, led by the technology sector, after a strong round of corporate earnings reports,” Mike Bird and Gunjan Banerji report for The Wall Street Journal. “The generally better-than-expected first-quarter results have helped overshadow concerns that the recent selloff in bond markets will trickle down into equities, analysts said.”

“The tech-heavy Nasdaq Composite jumped 1.8%, and the S&P 500 added 1.2%,” Bird and Banerji report. “The Dow Jones Industrial Average rose 269 points, or 1.1%, to 24351.”

“Technology stocks led the way after Facebook reported a 63% increase in earnings and Chief Operating Officer Sheryl Sandberg said the company hadn’t seen a “meaningful trend” of advertisers leaving the social-media platform following its data-privacy scandal. Shares jumped 10%, on track for their best day in more than two years,” Bird and Banerji report. “Advanced Micro Devices, meanwhile, surged 13% after the chip maker reported higher-than-expected quarterly profits… ‘Of the 155 S&P 500 companies that have reported thus far, 81% have beaten expectations,’ said Fahad Kamal, senior markets strategist Kleinwort Hambros.”

Read more in the full article here.

MacDailyNews Take: May this bode well for Apple’s report next week!

Apple to release Q218 earnings, webcast live conference call on May 1st – April 3, 2018


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