The Dow Jones Industrial Average rose 524.29 points, or 1.57 percent, to 33,826.16. The S&P 500 added 79.36 points, or 1.96 percent, to 4,135.35. The Nasdaq Composite Index increased 287.89 points, or 2.43 percent, to 12,142.24.
All of the 11 primary S&P 500 sectors ended in green, with communication services and consumer discretionary leading the gainers by going up 5.53 percent and 2.77 percent, respectively. Energy posted the weakest growth, up by 0.44 percent.
"U.S. stocks are rallying on strong earnings and on optimism that the economy will gradually soften and bring down inflation," said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
The shares of Meta Platforms, Inc. surged 13.93 percent on Thursday on better-than-expected revenues in the first quarter this year and upbeat expectation on monetization of artificial intelligence technologies.
The shares of Amazon, Alphabet, Microsoft, Apple, Honeywell and other heavyweight companies also saw growth Thursday.
U.S. economic growth decelerated to 1.1 percent in the first quarter this year from 2.6 percent in the last quarter of 2022, while U.S. weekly jobless claims dropped in the week ending April 22, according to data released Thursday morning.
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