Wall Road Opens Larger on Buoyant Knowledge, Robust Earnings; Dow up 160 Pts By Investing.com
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.
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.