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| 13 February 2025, Thursday |
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28 - April - 2022

Wall Street surges as Meta Platforms lifts techs, growth stocks

A Wall Street sign outside the New York Stock Exchange

A Wall Street sign outside the New York Stock Exchange

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On Thursday, Wall Street surged after a good quarterly report from Meta Platforms buoyed beaten-down technology and growth sectors, offsetting concerns over the first-quarter shrinkage of the US economy.

The parent company of Facebook climbed around 18% as the social network announced a higher-than-expected earnings and recovered from a dip in users.

All 11 S&P 500 sector indices gained, headed by Communication Services, which jumped 4.08 percent, and followed by Information Technology, which rose 4.01 percent.

For weeks, investors have been selling high-growth equities owing to concerns about inflation, increasing interest rates, and a probable economic downturn. Despite Thursday’s gains, the tech-heavy Nasdaq remained down 10% in April, on track for its worst one-month drop since March 2020.

    Source:
  • Reuters