CAT - Investors Cheer Meta Results Indexes Higher

U.S. stocks rose Thursday, boosted by strong results from Meta Platforms

The Dow Jones Industrials leaped 280.73 points by lunch hour to 33,582.60.

The S&P 500 hiked 45.09 points, or 1.1%, to 4,100.98.

The NASDAQ Composite recovered 193.70 points, or 1.6%, to 12,048.05.

Meta shares leapt more than 14% as the company reported quarterly revenue that beat analysts' expectations and issued an upbeat forecast. Teladoc and Comcast were also among companies trading higher after releasing earnings reports.

But Caterpillar, which is often seen as a barometer of the global economy, lost nearly 4%. Although it posted better-than-anticipated results, investors feared a build-up in inventory suggests demand is slowing. Merck, another Dow member, traded down more than 2% after reporting.

Amazon and Intel will share their quarterly results after the closing bell Thursday adding to what has been a major earnings week for the technology sector.

However, sentiment was kept in check after GDP data showed less economic growth than expected. The U.S. economy grew 1.1% in the first quarter, while economists polled by Dow Jones forecasted an expansion of 2%. The report also showed stronger-than-expected inflation, with prices increasing 4% compared with a consensus estimate of 3.7%.

Prices for the 10-year Treasury were lower, raising yields to 3.51% from Wednesday's 3.44%. Treasury prices and yields move in opposite directions.

Oil prices reacquired 34 cents to $74.64 U.S. a barrel.

Gold prices let go of $3.40 to $1,992.60 U.S. an ounce.