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Stocks rose on Thursday, with the S&P 500 reaching a fresh all-time intraday, as investors reacted to upbeat earnings from Caterpillar and Alphabet and moved past fears of a potential escalation between the U.S. and Iran.
The Dow Jones Industrials index zoomed 790.02 points, or 1.6%, to 49,661.83.
The much broader revived 73.05 points, or 1%, to 7,208.99.
The tech-driven NASDAQ powered ahead 219.07 points to 24,902.31.
Caterpillar shares popped 10% on Thursday after the company better-than-expected quarterly figures, boosting the Dow. The industrial name, which is viewed as a bellwether for the global economy, also upped its annual revenue outlook.
Conversely, Meta and Microsoft lost 7% and 4%, respectively. Meta shares were weighed down by the company’s latest capex, while user growth disappointed. The company also raised its capex spending for the year. That was a similar point of concern for Microsoft, as shares were under pressure after the company said spending will reach $190 billion due to high memory costs
The report offers a glimmer of hope for the U.S. economy, which saw disappointing growth in the first quarter. On Thursday, the Commerce Department reported that gross domestic product rose at a 2% annualized pace in the period. While that was an increase from 0.5% in the fourth quarter of 2025, it was below the 2.2% estimate.
Even with the latest pressure in tech, a jump in those stocks has placed the three major averages on pace to round out a strong month. The S&P 500 has risen more than 9% month to date, putting the index on pace for its best month since November 2020.
The NASDAQ is heading for a 13% jump, tracking for its best month since April 2020. The Dow is set to end April with a more than 6% gain — its strongest monthly performance since November 2024.
Oil prices reversed course Thursday, with Brent crude futures losing 2% to trade above $114 a barrel and West Texas Intermediate futures falling 0.5% to trade above $106.
Crude prices rose Wednesday as overseas tensions remained high between the U.S. and Iran. The Wall Street Journal, citing U.S. officials, reported that President Donald Trump told his aides to prepare for an extended blockade of Iran.
Prices for the 10-year Treasury gained ground, lowering yields to 4.39% from Wednesday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.76 to $105.12 U.S. a barrel.
Gold prices pointed higher $68.20 to $4,629.70 U.S. an ounce.
