Just before the stock market opened, the latest figures on the state of the US economy were released. They showed that GDP, that is, the value of everything produced by goods and services, By 1.4 percent in the first quarter. The numbers were surprising as the majority of analysts had previously predicted that the economy would grow this quarter.
The numbers were well received by the market, and the result at the end of trading was a new high for all three major indicators:
- The broad S&P 500 index rose 2.5 percent.
- The Dow Jones Industrial Average rose 1.8 percent.
- The Nasdaq Technology Index rose 3.1 percent.
After a cautious but upbeat start, the rally really took off during the trading session and lasted until closing time.
The development came ahead of the quarterly numbers released by Amazon and Apple, after both the Facebook Meta owner and Twitter gave their numbers earlier this week.
Amazon shares rose more than four percent in regular trading Thursday, and fell more than ten percent in the immediate aftermath. Apple is also up more than four percent in regular commerce, and down about half a percent in instant aftersales.
Immediately after the exchange closed on Wednesday, the first quarter numbers for the Facebook Meta owner came out.
The report showed that the company’s transactions ended slightly lower than expected at $27.91 billion, while earnings closed at $2.72 per share, which was better than expected.
Equally important was the fact that Facebook had reversed negative development and could now signal an increase in the number of users per day. In March of this year, an average of 1.96 billion people used Facebook daily, up four percent from March of last year.
Meta stock rose sharply throughout the day, ending up 17.6 percent.
Twitter provided numbers after Musk’s attempt
Twitter left Thursday afternoon, Before the opening in US stock markets, first quarter numbers.
The company reported adjusted earnings per share of $0.9. According to Bloomberg, revenue was $1.2 billion, while revenue was forecast at $1.23 billion in advance. Ad revenue ended at $1.11 billion, compared to the $1.12 billion forecast, according to Bloomberg
At the same time, Twitter reported a growth in the number of users. The number of daily active users generating revenue reached 229 million, an increase of nearly 16 percent compared to last year’s quarter.
Twitter shares are up just over one percent.
Earlier this week it became known that Elon Musk gets Twitter.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”