Facebook, Tech Stocks Lift Market to Big Day

Dow rises more than 600 points
By John Johnson,  Newser Staff
Posted Apr 28, 2022 3:16 PM CDT
Facebook, Tech Stocks Lift Market to Big Day
In this file photo from the New York Stock Exchange, specialist James Denaro works with traders at his post on the floor.   (Courtney Crow/New York Stock Exchange via AP)

(Newser) – Stocks have been up-and-down all week, but they were most definitely on the up side Thursday. The Dow rose 614 points, or 1.8%, to 33,916; the S&P 500 rose 103 points, or 2.4%, to 4,287; and the tech-heavy Nasdaq did best of all, rising 382 points, or 3%, to 12,871. The AP adds some quick context to the numbers: The gains put the market on track to have a winning week, but the month of April is still sure to see big losses from March. Tech stocks led the way to Thursday's gains, reports the Wall Street Journal. Shares of Facebook parent company Meta, for example, rose 18% because Facebook added more users than expected in the first quarter.

“Nothing goes down in a straight line and nothing goes up in a straight line,” Michael Antonelli of Baird tells the Journal, referring to the market's recent volatility. “You don’t need a lot to move the stock market when everyone’s this pessimistic.” CNBC notes that investors were watching another batch of earnings reports on Thursday. “It’s been a pretty good earnings season and that is supportive for the equity market,” Victoria Fernandez, chief market strategist at Crossmark Global Investments, tells the outlet. (Read more stock market stories.)

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