The Nasdaq rose more than 2% on Thursday to hit a near five-month intra-day high as Meta Platforms surged on rigorous cost controls, while a dovish message from Federal Reserve Chair Jerome Powell boosted bets of a softer landing for the U.S. economy.
"It certainly seems that markets are up because earnings for Meta were surprisingly positive," said Sam Stovall, chief investment strategist at CFRA Research in New York.
"Investors are also encouraged by the fact that the Fed is sort of tempting that it's done or close to being done with its rate tightening program."that inflation was starting to ease after the U.S. central bank raised rates by 25 basis points. Powell's comments relieved investors that a U.S. recession, which has been widely priced in, will likely be mild.unexpectedly fell last week to a nine-month low, highlighting the labor market's resilience, ahead of nonfarm payroll numbers on Friday.
After a bruising 2022, U.S. stock markets have made a strong start to the year, with megacap companies gaining on hopes that the Fed will ease its hawkish monetary policy stance, which in turn could alleviate some pressure off their valuations.
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