Global signal: Price action rollercoaster continues as Meta Platforms lift Wall Street

Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten-down technology and growth stocks and offset worries about the US economy's contraction in the first quarter.

The Facebook parent surged 17.6 percent after the social network reported a larger-than-expected profit and rebounded from a drop in users.

It is a rollercoaster ride in global signal. The Dow Jones Industrial Average rose 1.85 percent to 33,916.39 points while S&P 500 climbed 2.47 percent to end the session at 4,287.50 points. The Nasdaq gained 3.06 percent to 12,871.53 points.

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The macro signal for the markets was the fact that real yields plunged. Was that in relation to the first-quarter gross domestic product (GDP) miss?

There was a lot of chatter that with first-quarter GDP disappointing, the Fed would be on standstill and they would start to cut.