April 29 (UPI) — U.S. stocks climbed on Wall Street Wednesday even after a report from the Commerce Department that said the domestic economy shrank by 5 percent in the first quarter of 2020.
The Dow Jones Industrial Average was up more than 500 points by noon EDT. The S&P 500 had increased more than 70 points and the Nasdaq was up more than 250.
The Dow was mostly flat on Tuesday and closed down 32 points.
Some tech stocks showed early gains Wednesday, including Google, Apple and Microsoft.
Wednesday’s report by the Commerce Department said the economy experienced its greatest contraction since 2008. A short time later, aviation giant Boeing reported a $640 million first-quarter loss and said it will lay off 10 percent of its workforce.