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US stocks advanced on Thursday, capping the strongest month in years for major indexes as robust corporate earnings helped investors look past a war-driven oil supply shock. The S&P 500 rose 1% to close April at 7,209, while the Nasdaq gained 0.9% to finish at 27,430; both indices set fresh intraday records. The Dow Jones Industrial Average jumped 790 points, ending the month up more than 7%—its best monthly performance since November 2024—buoyed by a 9.8% rally in Caterpillar following stronger-than-expected first-quarter profits.
Technology stocks delivered mixed results. Meta and Microsoft fell 7% and 4%, respectively, as investors weighed the earnings impact of heavy AI-related capital spending, while Alphabet surged 10% after its cloud division reported a record quarter. Intel logged its best month on record, supported by optimism around its forthcoming 18A chips and rising CPU demand from agentic AI applications. In healthcare, Eli Lilly climbed nearly 10% after raising its full-year profit guidance.
On the macroeconomic front, US GDP grew at a 2% annualized pace in the first quarter. Weekly initial jobless claims fell to their lowest level since 1969, underscoring continued labor-market strength, while PCE inflation accelerated, driven higher by an upswing in energy prices.
