Dow soars 524 points as US stocks notch best day since January after streak of upbeat earnings

• US equities climbed Thursday on more upbeat corporate earnings.
• Meta Platforms beat estimates and issued strong guidance.
• Weaker-than-expected GDP data didn't dampen the rally on Thursday.

US stocks had their best day in months after strong corporate earnings, with traders sidestepping concerns about the economy as growth data for the first quarter came in lower than expected.

The Dow Jones Industrial Average jumped more than 500 points during the session, notching the gauge's best day since January 6.

Shares of Meta Platforms Inc. surged 14% after posting first-quarter results that beat expectations and issuing an upbeat forecast. The social media giant followed solid earnings from both Alphabet and Microsoft.

Amazon.com Inc and Intel Corp. are next among big tech firms to report quarterly results.

Equities rose despite GDP increasing less than expected for the first quarter, piling on to worries of a looming recession. The economy grew at a rate of 1.1% on an annualized basis in the first three months of 2023.

Here's where US indexes stood shortly after the 4:00 p.m. ET close on Thursday:

• S&P 500: 4,135.42, up 1.96%
• Dow Jones Industrial Average: 33,826.46, up 1.58% (524.59 points)
• Nasdaq Composite: 12,142.24, up 2.43%

Here's what else is going on:

• Morgan Stanley breaks down five ways to invest in the $6 trillion AI market.
• Fed Chair Jerome Powell was tricked by Russian prankster pretending to be the Ukrainian president.
• Fewer trucks are delivering goods across the country, which is resulting in a "freight recession" in the US.
• Russia's economy is facing a record labor shortage as the war in Ukraine adds pressure on the labor force.
• Cannabis stocks surged after lawmakers tried again to protect financial institutions that work with legal marijuana businesses.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil rose 0.62% to $74.81 per barrel. Brent crude, oil's international benchmark, rose 0.4% to $78.38.
• Gold inched higher to $1,997.30 per ounce.
• The yield on the 10-year Treasury rose nine basis points to 3.52%.
• Bitcoin surged 8% $29,647.