U.S. stock markets posted strong gains on Thursday. By the close in New York, the Dow Jones Industrial Average reached 49,652 points, marking a 1.6% increase from the previous day. Separately, the broader S&P 500 index was up 1.0% at a level of approximately 7,209 points, while the technology-focused Nasdaq 100 calculated around 27,452 points, also showing a 1.0% rise.
Four of the “Magnificent 7”-Alphabet, Amazon, Microsoft, and Meta-released their first-quarter earnings reports. These technology giants announced surprisingly robust growth in both revenue and profit. Market analysts interpret this strong performance as proof of the growing influence of Artificial Intelligence (AI). While the companies plan to significantly ramp up technology investments throughout the year, the rising investment costs are partly driven by higher component prices. Despite these favorable quarterly results, Meta’s stock experienced a notable decline in the market.
The European currency also strengthened on Thursday evening, with one Euro exchanging for 1.1731 U.S. Dollars, meaning a Dollar was valued at 0.8524 Euros.
In commodity markets, the price of gold saw a significant jump, climbing 1.5% to trade at $4,617 per fine ounce, equivalent to 126.53 Euros per gram. Oil prices also rose; the Brent North Sea crude finished the day around 110.90 U.S. Dollars per barrel, an increase of 49 cents (0.4%) compared to previous closing levels.
