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New York - US stocks bolted higher onThursday on the strength of a solid report on US economic growth and banner results from Facebook that raised hopes about other technology giants.
The Dow Jones Industrial Average jumped 109.82 (0.70%) to 15,848.61.
The broad-based S&P 500 gained 19.99 (1.13%) to 1,794.19, while the tech-rich Nasdaq Composite Index soared 71.69 (1.77%) to 4,123.13.
Commerce Department data showed US economic growth at 3.2% in the fourth quarter, above the 3.0% projected by analysts. Analysts were particularly cheered by a 3.3% rise in consumer spending.
The GDP data "shows further strength," said Brent Schutte, market strategist at BMO Private Bank. "Things are getting a lot better."
Facebook helped lift the Nasdaq, rising 14.1% on a huge jump in earnings due to stronger advertising revenues.
The Facebook report also spurred buying in Twitter (+6.8%) and Google (+2.6%), among others.
"To me it's kind of a bounce-back from the drubbing we've had the last few days," said Schutte, alluding to the largely downward lurch of equity markets since last Thursday.
Dow member ExxonMobil fell 1.2% after earnings missed expectations by a penny at $1.91 per share due to lower oil and gas production and weak refining and chemical earnings in its international divisions.
3M, another Dow member, declined 1.7% after revenues of $7.57bn lagged forecasts. Earnings matched expectations.
Visa advanced 1.7% after earnings of $2.20 per share exceeded estimates by four cents.
Internet security firm Symantec fell 7.3% after forecasting sales of $1.62-$1.66bn in the upcoming quarter, on the low end of expectations.
Athletic apparel company Under Armour shot up 22.9% after earnings of 59 cents per share topped expectations by 8c on strong sales increases.
Bond prices fell. The yield on the 10-year US Treasury inched higher to 2.69% from 2.68%, while the 30-year rose to 3.64% from 3.62%. Bond prices and yields move inversely.
