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Stock market today: Global shares up ahead of US GDP update

By YURI KAGEYAMA - Apr 28, 2023, 12:27 AM ET
Last Updated - Jun 22, 2023, 02:34 AM EDT
Japan Financial Markets
ASSOCIATED PRESS

Global shares are mostly higher ahead of the release of U.S. economic growth data

NEW YORK (AP) — Wall Street is rising Thursday after META" target="_blank">Meta Platforms (META) became the latest Big Tech company to blow past profit expectations and reports painted a mixed picture of the U.S. economy.  

The S&P 500 was 1.3% higher in afternoon trading and on pace for its first gain in three days. The Dow Jones Industrial Average was up 316 points, or 1%, at 33,619 as of 12:57 p.m. Eastern time, while the Nasdaq composite was leading the market with a 1.9% gain.  

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Facebook’s parent company was doing the heaviest lifting, and it jumped 14.5%. Not only did Meta beat analysts’ estimates for profit during the first three months of the year, it also gave a forecast for revenue that topped expectations.  

The majority of companies have been beating forecasts so far this earnings reporting season. Hasbro climbed 12.7%, and Comcast rose 8.1% after they also topped Wall Street’s estimates. But expectations were broadly low coming into this reporting season because of still-high inflation, much higher interest rates and a slowing economy.  

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