NEW YORK: Wall Street’s main indexes rose on Thursday, as a reversal of declines in mega-cap technology stocks helped investors look past data which showed another sharp contraction in the US economy.

Heavyweights including Microsoft Corp, Facebook Inc, Netflix Inc and Alphabet Inc rose in early trading, supporting the tech-heavy Nasdaq index.

With the quarterly reporting season in full swing, market participants started to question whether companies including Apple Inc, Facebook and Tesla Inc could justify their premium valuations.

Apple reported holiday-quarter sales and profit that beat Wall Street expectations, however, shares of the iPhone maker fell 1.9%.

Facebook rose 2.3% after soundly beating quarterly revenue estimates, but it warned Apple’s impending privacy changes could hurt revenue by interfering with ad targeting.

At 9:52 a.m. ET the Dow Jones Industrial Average was up 334.78 points, or 1.10%, at 30,637.95, the S&P 500 was up 39.24 points, or 1.05%, at 3,790.01, and the Nasdaq Composite was up 93.42 points, or 0.70%, at 13,364.01.—Reuters