U.S. stocks opened higher on Thursday after strong earnings reports. The Dow Jones Industrial Average advanced 134.84 points after the opening bell. The S&P 500 rose by 0.73 percent while the Nasdaq Composite rose by 1.19 percent.
Facebook Inc.’s (NASDAQ: FB) shares rose 8.46 percent after reporting its financial results on Thursday after the closing bell. Despite the Cambridge Analytica scandal, Facebook was able to top estimates and report revenue of $11.97 billion and an EPS of $1.69. The social media giant fell in line with its daily active users and monthly active users.
Chipotle Mexican Grill Inc.’s (NYSE: CMG) shares surged by 21.44 percent with its new CEO, Brian Niccol. Niccol, who was the former Taco Bell CEO, said that Chipotle would be focusing more on digital marketing and menu changes. For the quarter, the chain reported in-line revenue of $1.15 billion and an EPS of $2.13, surpassing analysts’ estimates of $1.57.
AMD (NASDAQ: AMD) reported its first quarter results as shares rose by 14 percent on Thursday. The chipmaker reported revenue of $1.65 billion and an EPS of $0.11.
Visa Inc. (NYSE: V) shares rose by 4.29 percent after topping Wall Street’s estimates. Visa reported revenue of $5.07 billion and an EPS of $1.11.
The strong results leading into Thursday have paved the way for Amazon.com Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Intel Corporation (NASDAQ: INTC), who are set to report after the closing bell on Thursday.
Data compiled by Thomson Reuters shows that of the 154 S&P 500 companies that have reported their first quarter results, 81.2 percent topped profit estimates.
"The earnings reports have been good thus far," said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. "I see no reason why that wouldn't continue."
The 10-year U.S. Treasury yield fell below 3 percent for the first time in four years on an increase in federal borrowing, inflation concerns and bets on further rate increases by the Federal Reserve, according to Reuters. Now, investors fear that interest rates may hike.
Orders for durable goods increased by an adjusted 2.6 percent in March from the month prior, reported the Commerce Department on Thursday. Wall Street analysts had forecasted a 1.8 percent increase.
Initial jobless claims fell 24,000 to an adjusted 209,000 in the week ending of April 21, said the U.S. Department of Labor. Economists surveyed by the Wall Street Journal forecasted 228,000 claims. This is the lowest level since the Nixon administration back in 1969.