The Dow Jones Industrials opened Thursday up 116.09 points to 33,418.02.
The S&P 500 moved up 25.29 points to 4,209.25.
The NASDAQ Composite jumped 70.71 points to 12,559.64.
The S&P 500 is down 6.8% for April — on pace for its biggest monthly decline since March 2020. The NASDAQ has lost nearly 11% since the start of April and is headed for its worst one-month performance since October 2008. The Dow has been the relative outperformer, losing about 4% this month.
Shares of Meta surged about 16% following a beat on earnings, a sign that investors may see signs of relief in the beaten-up tech sector. Shares were down 48% on the year heading into the results.
Qualcomm gained more than 8% on the back of strong earnings, while PayPal rose roughly 5% despite issuing weak guidance for the second quarter.
McDonald’s, Merck, Eli Lilly and Southwest were all higher Thursday after their quarterly reports.
On the downside, Caterpillar fell about 5% despite an earnings beat. Teladoc plunged more than 44% after reporting weaker-than-expected results.
U.S. gross domestic product unexpectedly declined in the first quarter by 1.4% from the year prior, compared with the 1% growth expected by economists surveyed by Dow Jones.
Some investors brushed off the economic contraction, citing the jump in prices and trade deficit as contributing the most to the decline.
Treasury prices sagged, lifting yields to 2.86% from Wednesday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices squeezed up a penny to $102.03 U.S. a barrel.
Gold prices fell $2.20 to $1,886.50 U.S. an ounce.