Facebook-owner Meta's shares jump after earnings, lifting US stocks
Meta stocks
Wall Street stocks rose early Thursday, following strong earnings fromFacebookparent Meta despite disappointing first-quarter US economic data.
About 30 minutes into trading, Meta was up around 15 per cent, while all three major US indices were in positive territory.
The Dow Jones Industrial Average gained 0.7 per cent to 33,526.80.
The broad-based S&P 500 advanced 0.8 per cent to 4,087.37, while the tech-rich Nasdaq Composite Index climbed 0.9 per cent to 11,960.26.
Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.
"Stocks are up mainly on Meta's earnings and the banking side of things seems to be a little bit calmer today," said LBBW's Karl Haeling.
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Among other companies reporting results, American Airlines gained 4.8 per cent, Southwest Airlines dropped 5.2 per cent, Caterpillar lost 3.5 per cent and Norfolk Southern dipped 0.2 per cent.
US gross domestic product rose at an annual rate of 1.1 per cent in the January to March period, markedly less than expected and down from 2.6 per cent in the final three months last year.
The figures reflected a decline in private inventory investment offset by a jump in consumer spending.
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