| 27 February 2024, Tuesday |

Wall Street surges as Meta Platforms lifts techs, growth stocks

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.

  • Reuters