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Overnight Markets: US stocks gain on strong earnings

Facebook climbed 9.1% after posting impressive results, which allayed fears about the fallout from its use of consumer data.

Overnight Markets: US stocks gain on strong earnings

US stocks advanced on Thursday, with the Nasdaq snapping up its five-day losing streak, boosted by solid earnings from Facebook and a rebound in technology stocks as US bond yields pulled back.

The Dow Jones Industrial Average added 239 points, or 0.99%, to 24,322, the S&P 500 gained 28 points, or 1.04%, to 2,667 and the Nasdaq Composite added 115 points, or 1.64%, to 7,119.

Facebook climbed 9.1% after posting impressive earnings, which allayed fears about the fallout from its use of consumer data.

Chipmakers Advanced Micro Devices Inc and Qualcomm Inc added 14% and 1.4%, respectively, after quarterly results beat Wall Street estimates. Inc shares jumped more than 6% in after-market trading after the online retailer reported a 43% surge in first-quarter revenue.

General Motors Co edged up 0.4% after the automaker reported a production decline of its high-margin pickup trucks, despite posting higher-than-expected profit.

United Parcel Service Inc shares gained 4.3% after the world’s largest package delivery company defied cost and weather headwinds to post higher first-quarter profit and strong volumes.

Dow member Visa jumped 4.9% after it raised its profit and revenue forecast for 2018 following a stronger-than-expected first quarter.

On the negative side, AT&T Inc shares slumped 6.0% after it reported a loss of subscribers from its pay TV business.

Union Pacific Corp shares fell 2.9% after the No. 1 US railroad operator cautioned on a key operating metric.

The yield on US 10-year Treasuries closed below the 3% level as buyers emerged following a sell-off fueled by worries over growing US debt issuance and rising costs.

In economic news, new orders for durable goods unexpectedly dropped in March as demand for machinery registered its biggest decline in more than two years, according to the Commerce Department.

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