The Dow Jones Industrial Average jumped 614.46 points, or 1.85 percent, to 33,916.39. The S&P 500 increased 103.54 points, or 2.47 percent, to 4,287.50. The Nasdaq Composite Index rose 382.60 points, or 3.06 percent, to 12,871.53.
All the 11 primary S&P 500 sectors ended in green, with technology and communication services up 4.04 percent and 3.89 percent, respectively, leading the gains.
Shares of Meta Platforms soared more than 17 percent on Thursday after the company reported earning that beat expectations.
Qualcomm shares surged 9.7 percent on its strong earnings.
Shares of other U.S. tech giants, such as Apple, Amazon, Netflix and Google-parent Alphabet, all closed higher.
Thursday's market comeback came as equities suffered marked losses recently amid worries that rapid tightening by the Federal Reserve would slow growth.
The U.S. Commerce Department reported Thursday that the U.S. economy shrank at an annual rate of 1.4 percent in the first quarter as effects of the Omicron surge started to show up.
The latest data marked the economy's first contraction since the COVID-19 pandemic impacted the country in early 2020.
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