Wall Road Opens Larger on Buoyant Knowledge, Robust Earnings; Dow up 160 Pts By Investing.com

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© Reuters

By Geoffrey Smith

Investing.com – US stock markets opened higher Thursday, helped by another record gain from Silicon Valley and further signs of wider economic recovery.

The US economy grew 6.4% on an annualized basis in the first quarter of the year, from 4.3% three months ago as massive stimulus spending propped up household consumption at a time when nearly 20 million people were taking advantage of unemployment benefits.

The number of unemployed has declined since the end of the first quarter, and initial jobless claims fell to a new post-pandemic low of 553,000 last week, according to the Labor Department.

At 9:35 a.m. ET (1435 GMT), it rose 163 points, or 0.5%, to 33,984 points.

The value rose 0.7%, surpassing it with a plus of 0.9%, largely due to the blowout profits announced late Wednesday by Apple (NASDAQ :), Facebook (NASDAQ 🙂 and chipmaker Qualcomm (NASDAQ 🙂 is due.

Facebook stock rose over 5% on opening in response to an increase in advertising revenue for the quarter that mirrored Google’s parent alphabet (NASDAQ 🙂 performance Tuesday night.

The news also boosted Amazon (NASDAQ 🙂 and Twitter (NYSE 🙂 stocks by over 1% each. The two companies will report their profits after Thursday’s close of trading.

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