U.S. stocks trade higher on strong earnings

NEW YORK, April 26 (Xinhua) -- U.S. stocks traded higher on Thursday as Wall Street cheered a string of positive corporate earnings.

At midday, the Dow Jones Industrial Average added 144.81 points, or 0.60 percent, to 24,228.64. The S&P 500 increased 16.52 points, or 0.63 percent, to 2,655.92. The Nasdaq Composite Index was up 91.51 points, or 1.31 percent, to 7,095.24.

U.S. social media giant Facebook reported first-quarter earnings and revenue that beat market expectations after the closing bell on Wednesday. Shares of the company surged over 9 percent in midday session on Thursday.

U.S. semiconductor company Advanced Micro Devices also posted better-than-forecast earnings, sending its stock more than 12 percent higher.

So far, the earnings season is off to a good start. Of the S&P 500 companies that have reported, 81 percent have posted better-than-forecast earnings, according to latest data from U.S. research firm FactSet.

The market was also boosted as the Treasury yield went down from multiyear highs. The benchmark 10-year Treasury yield fell below 3 percent on Thursday from a more than four-year high.

The yield, a barometer for mortgage rates and other financial instruments, has jumped in April on signs of rising inflation, which sparked speculation for more rate-hikes later this year.

On the U.S. economic front, new orders for manufactured durable goods in March increased 2.6 percent, beating market estimates, the Commerce Department said on Thursday.

The Labor Department reported on Thursday that in the week ending April 21, the advance figure for seasonally adjusted initial jobless claims was 209,000, a decrease of 24,000 from the previous week's revised level. This is the lowest level for initial claims since Dec. 6, 1969 when it was 202,000. Enditem