Dow jumps 600 points, Nasdaq 3%

Apple and Intel will report after the close of trading

U.S. stocks picked up momentum in the final hour of trading as tech led the broader averages higher. 

The Nasdaq Composite jumped 3%, while the S&P rose 2.5%. The Dow Jones Industrial Average gained 1.8% or over 600 points. Investors discounted a surprise decline in 1Q GDP of 1.4%. 

1Q SHRINKS BY 1.4% UNEXPECTEDLY

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33077.1 +177.40 +0.54%
SP500 S&P 500 4143.23 +34.69 +0.84%
I:COMP NASDAQ COMPOSITE INDEX 12134.820554 +122.09 +1.02%

FACEBOOK PARENT META'S SHARES JUMP DESPITE REVENUE SLOWDOWN

Facebook's parent company Meta, soared following its latest quarterly earnings, which topped Wall Street's estimates.

Ticker Security Last Change Change %
FB META PLATFORMS INC. 190.78 -8.08 -4.06%

McDonald's earnings also positive. Higher U.S. menu prices and easing COVID-19 restrictions elsewhere helped McDonald’s offset troubled markets like China and Russia in the first quarter. Revenue rose 11% to $5.66 billion in the January-March period, topping Wall Street expectations of $5.57 billion, according to analysts polled by FactSet.

Ticker Security Last Change Change %
MCD MCDONALD'S CORP. 248.36 -0.64 -0.26%

Caterpillar shares lagged even as first-quarter sales climbed with demand for construction equipment surging in the face of supply chain challenges that continue to plague businesses from car and phone makers to grocery stores. Sales rose 14% to $13.59 billion, topping the $13.5 billion that analysts surveyed by Zacks Investment Research were looking for. Higher prices also fueled revenue numbers.

Ticker Security Last Change Change %
CAT CATERPILLAR INC. 222.90 +2.90 +1.32%

Twitter reported a mixed quarter and declined to provide a forecast citing its pending acquisition by Elon Musk. 

Ticker Security Last Change Change %
TWTR TWITTER INC. 40.16 +0.25 +0.63%

After the bell watch for results from Apple and Intel. 

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Ticker Security Last Change Change %
AAPL APPLE INC. 145.38 -5.83 -3.86%
INTC INTEL CORP. 43.39 -1.45 -3.23%

Oil prices moved higher Thursday as markets remain concerned about falling demand, especially in China due to COVID-19 restrictions. U.S. West Texas Intermediate crude rose to $105.36 per barrel. Brent futures, the global benchmark, moved up to $107.59. 

RUSSIA INVADES UKRAINE: LIVE UPDATES

Traders work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

In economic news, the Labor Department reported weekly jobless claims matched last week coming in at 180,000 holding at pre-pandemic levels. It would also mark the 10th week that claims came in below 200,000. Continuing claims, which track the total number of unemployed workers collecting benefits, were 1.408 million.

In cryptocurrencies, Bitcoin crossed back above $40,000. 

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The Associated Press contributed to this report.