NASDAQ Surges on Strong Earnings
April 26,2024 10:41 am EST
Stocks jumped Friday as Big Tech names Alphabet and Microsoft rallied on strong earnings and traders pored through fresh U.S. inflation data.
The Dow Jones Industrials surged 201.19 points, to commence Friday's session at 38,286.99.
The S&P recovered 53.92 points, or 1.1%, to 5,102.34.
The NASDAQ hiked 302.06 points, or 1.9%, to 15,913.82.
Shares of Alphabet jumped more than 10% following better-than-expected first-quarter earnings and headed for their best day since July 2015. The company also authorized its first-ever dividend and a $70-billion buyback. Microsoft added about 3% on strong fiscal third-quarter results.
Stocks also appeared to get a boost from March's core personal consumption expenditures reading. The gauge, excluding food and energy, rose 2.8% from a year ago and came in ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8% and ahead of a 0.7% estimate.
The major averages are on track for a winning week. The S&P 500 is up 1.6% week to date, on pace to break a three-week losing streak. The NASDAQ has gained more than 2%, headed for its first positive week in five. The Dow is up by a more modest 0.3% this week.
Prices for the 10-year Treasury jumped, dropping yields to 4.65% from Thursday's 4.70%. Treasury prices and yields move in opposite directions.
Oil prices took on 36 cents to $83.93 U.S. a barrel.
Gold prices revived $9.50 to $2,352U.S. an ounce.
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