NEW YORK, May 01 (V7N) – Shares surged on Wall Street Thursday, fueled by robust first-quarter earnings reports from tech giants Microsoft and Meta Platforms (the parent company of Facebook and Instagram), which exceeded analysts' expectations.

The S&P 500 climbed 1% and was on track for its eighth consecutive day of gains, marking its longest winning streak since August. The Dow Jones Industrial Average rose by 248 points, or 0.6%, while the Nasdaq composite saw a more significant jump of 1.8%.

Microsoft's stock price soared by 9% after the company revealed that strong performance in its cloud computing and artificial intelligence sectors drove a 13% increase in overall revenue compared to the previous year.

Meta also reported revenue and profit figures that surpassed analysts' forecasts. The company attributed the positive results to the impact of artificial intelligence tools in boosting its advertising revenue, leading to a 5.3% rise in its stock value.

Several other companies, including CVS Health and Carrier Global, also contributed to the positive sentiment by releasing better-than-anticipated profit reports. This wave of strong earnings has helped to stabilize Wall Street in recent days, with the S&P 500 recovering to within 8.5% of its record high set earlier in the year after a period of decline.

Despite the positive earnings news, concerns about the potential for a recession due to President Donald Trump's trade policies persist. Thursday saw the release of mixed economic data, following a series of recent reports suggesting a weaker-than-expected US economy.

One report indicated a higher-than-forecasted number of US workers filing for unemployment benefits last week, setting the stage for a more comprehensive jobs report due on Friday. Another report showed that US manufacturing activity, while still in contraction, performed better than economists had anticipated in the previous month.

Furthermore, while companies have generally reported stronger first-quarter profits than expected, many CEOs are reportedly maintaining a cautious outlook for the remainder of the year, suggesting underlying economic uncertainties remain.

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