U.S. stocks recover on Microsoft boost
The U.S. stocks rose today, Thursday, to recover losses from the previous session, which came after the Federal Reserve's decision to keep interest rates unchanged. The rally was led by Microsoft, whose shares jumped 15% following strong results in its Azure cloud computing platform business, pushing the main market indices higher: the Nasdaq increased by 2.5%, the S&P 500 by 1.4%, and the Dow Jones gained 511 points (about 1%). Meanwhile, Meta Platforms' stock declined by 9% after weak revenue forecasts and a decrease in free cash flows. Data also showed inflation remaining above the target, with the Personal Consumption Expenditures (PCE) index rising by 3.3% annually in June. Economic growth slowed to 1.5% in the second quarter, amid expectations that the Federal Reserve will maintain the current interest rate level.
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