U.S. equities rose as traders considered the strength of corporate earnings against data showing the American economy unexpectedly shrank last quarter.
The technology-heavy Nasdaq 100 climbed 2%, paced by gains in Meta Platforms Inc. after its main Facebook social network added more users than projected. PayPal Holdings Inc. rose on better-than-expected revenue while Qualcomm Inc. led U.S. chip stocks higher. The S&P 500 advanced 1.3% and the Stoxx Europe 600 Index added 0.7%.
Thursday’s relief rally punctuates a week of nerves marked by China’s struggle to suppress Covid, Russia’s war in Ukraine and worries that Federal Reserve monetary tightening may tip the U.S. economy into a recession.
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