US stocks end sharply higher on strong earnings

US stocks ended sharply higher Thursday as strong earnings from major companies offset gloomy US economic data.

US pharmaceutical firm Merck gained more than $3.2 billion in sales from its coronavirus pill during the first quarter of this year.

Mastercard's net revenue soared 24% to $5.2 billion and net income for the quarter rose 44% to $2.6 billion or $2.68 a share.

Meanwhile, US Treasury Secretary Janet Yellen warned Thursday about the fallout from the Russia-Ukraine war, saying it is likely that large economic shocks and disruptions will continue to challenge the economy.


The US economy unexpectedly contracted 1.4% year-on-year in the first quarter of 2022, the Commerce Department's first reading of the data showed Thursday.

The number of Americans filing first-time unemployment claims last week fell by 5,000 to 180,000

The Dow Jones Industrial Average climbed 614 points, or 1.8% to 33,916.

The S&P 500 gained 103.5 points or 2.5% to 4,287, while the Nasdaq Composite rose 382 points, or 3%, to 12,871.

The yield on 10-year Treasuries was little changed at 2.84%, while the dollar index was up 0.6%

The VIX volatility index, known as the fear index, was down 5.09% at 30.

Gold futures rose 0.4% to $1,896.60 an ounce while silver fell 1.08% to 23.25%.

Global benchmark Brent crude was trading at $107.62 a barrel, up 2.30%, while US benchmark West Texas Intermediate (WTI) crude was at $105.20, gaining 3.18%.