Stocks Climb Back to Record Levels, Powered by Big Tech
Stocks roared back to record levels on Thursday after blockbuster results from Microsoft and Meta Platforms overshadowed a hot inflation reading.
The Dow Jones Industrial Average was up 72 points, or 0.2%. The S&P 500 was up 0.8%. The Nasdaq Composite was up 1.5%.
Microsoft shares were up 7.4%. Meta Platforms shares surged 11%. Both firms reported quarterly earnings that crushed analysts’ expectations Wednesday evening. The results were a boon for the artificial intelligence trade, as both firms pointed to gains made through AI efforts.