April 28 (UPI) — U.S. markets bounced back on Thursday as Amazon and Apple shared earnings after the bell following a strong batch of corporate earnings the day prior.
The Dow Jones Industrial Average gained 614.46 points, or 1.85% while the S&P 500 rose 2.47% and the Nasdaq Composite climbed 3.06% after its lowest closing of 2022 on Wednesday.
Amazon stock was up 4.65% in regular trading but plummeted more than 8% after-hours as it reported $116.4 billion in revenue, just short of analysts’ expectations of $116.43 and $7.56 earnings per share, well short of the expected $8.40.
On the other hand, Apple stock rose 4.52% in regular trading and continued to climb nearly 2% after the bell as it reported that revenue grew 8.59% to $7.28 billion, exceeding Wall Street estimations while earnings per share were also better than expected at $1.52.
Twitter stock rose 1.09% after reporting that its revenue figure was a 16% increase over the first quarter of 2021 and that the platform saw a net income of $513 million in the January-March period.
PayPal stock gained 11.48% despite weak guidance for the second quarter and Qualcomm rose 9.7%
Markets also got a boost as shares of Facebook parent Meta skyrocketed up 17.59% despite mixed earnings results on Wednesday.
Thursday’s gains came despite a Commerce Department report showing an unexpected 1.4% dip in gross domestic product — the total output of all goods and services — from January to March.
Despite Thursday’s gains, all three major indexes are on track to post losses in the usually bullish month of April with the Nasdaq Composite heading for its worst month since March 2020, down 9.5%, the S&P 500 declining 5.3% and the Dow 2.2% lower.
“The usual suspects of a slowing economy, a hawkish Federal Reserve Bank, supply chain worries, war in Europe, and now another China shutdown have all combined to make this one of the worst starts to a year ever for both stocks and bonds,” LPL Financial Chief Market Strategist Ryan Detrick said, according to Yahoo Finance.