Market Updates
Tech Rally Lifts Nasdaq 3%, S&P 500 2.5%
Barry Adams
28 Apr, 2022
New York City
Tech stocks rebound lifted major averages higher, shrugging off the latest read on economic growth.
The S&P 500 index climbed 2.5% and Nasdaq Composite Index gained 3.0% after investors focused on better-than-expected earnings from Facebook parent Meta Platforms and Google's buyback plan.
Gross domestic product in the first quarter declined 1.4% largely on the rising imports and supply disruption linked to the Omicron virus in January.
Investors focused on the strength in consumer and business spending and looked ahead to a stronger rebound in the remaining quarters of year.
Weekly jobless claims declined 5,000 to 180,000 at the end of last week and continuing claims of unemployment dropped to 1.4 million, the lowest in 51 years.
After the close, Amazon and Apple are scheduled to release earnings.
In Europe, market indexes in Frankfurt gained 1.4%, in London advanced 1.1%, and in Paris increased 1.0%.
In Asian markets, the Nikkei index in Tokyo jumped 1.8%, the Hang Seng index in Hong Kong gained 1.6%, the Sensex index in Mumbai increased 1.2%, and the SSE index in Shanghai added 0.6%.
The yen dropped to a new two-decade low after the central bank reiterated its low interest rate policy.
Indonesia expanded its ban on exports of palm oil to include crude and refined varieties.
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