NEW YORK, April 30 (Xinhua) -- U.S. stocks finished higher on Thursday, as investors weighed strong corporate earnings against weaker-than-expected domestic economic growth data.
The Dow Jones Industrial Average rose 790.33 points, or 1.62 percent, to 49,652.14. The S&P 500 added 73.06 points, or 1.02 percent, to 7,209.01. The Nasdaq Composite Index increased by 219.07 points, or 0.89 percent, to 24,892.31.
Ten of the 11 primary S&P 500 sectors ended in the green, with communication services and industrials leading the gainers by rising 3.98 percent and 2.76 percent, respectively. Meanwhile, technology bucked the trend by going down 0.63 percent.
On the economic data front, the Commerce Department reported Thursday that first-quarter U.S. gross domestic product grew at an annualized rate of 2 percent. While this represented a notable improvement from the prior quarter's 0.5 percent reading, it fell short of the 2.2 percent growth analysts had projected.
Fast-rising gasoline prices pushed the Federal Reserve's preferred inflation gauge to 3.5 percent in March, marking its highest rate in almost three years, according to new economic data released on Thursday.
Despite the macroeconomic miss, robust corporate results drove significant market momentum. Shares of heavy equipment manufacturer Caterpillar popped nearly 10 percent, significantly boosting the Dow, after the company reported better-than-expected quarterly figures and raised its annual revenue outlook.
Thursday's trading was also heavily influenced by a flurry of mega-cap earnings. Following the previous session's closing bell, four trillion-dollar tech giants: Alphabet, Amazon, Meta Platforms, and Microsoft, released their quarterly results, driving divergent reactions in Thursday's session.
Alphabet surged nearly 10 percent, while Meta and Microsoft declined 8.55 percent and 3.93 percent, respectively. Amazon managed to tick higher after spending much of the day in negative territory. Meanwhile, artificial intelligence chipmaker Nvidia fell 4.63 percent.
Other notable technology movers included semiconductor maker Qualcomm, whose shares soared 15.12 percent to pace both the S&P 500 and the Nasdaq. The massive gain came a day after the company reported strong financial results and announced it is providing custom silicon for a leading hyperscaler.
