Stocks on Wall Street rise after shaky start on GDP report

Stocks on Wall Street rise after shaky start on GDP report

Summary : Stocks turned higher on Wall Street in midday trading Thursday after shaking off an early slide following a report signaling the U.S. economy is either already in a recession or well on its way.

Technology stocks and retailers, restaurant chains and other companies that rely on direct consumer spending helped lift the S&P 500 Thursday. Meta Platforms fell 5.3% after the social media giant said its revenue fell last quarter for the first time ever, dragged down by a drop in ad spending. In a busy week of corporate earnings reports investors have focused on what companies are saying about inflation and the impact rising interest rates are having on their business and customers.

Markets were spooked Monday after retail giant Walmart warned that its profits are being hurt by rising prices for food and gas, which are forcing shoppers to cut back on more profitable discretionary items such as clothing.

Stanley Black & Decker slumped 12.7% Thursday after the tool maker’s second-quarter results fell short of Wall Street’s estimates.