By Yasin Ebrahim

Investing.com – The S&P 500 climbed Thursday, as a rally in Meta following better-than-feared results stoked bullish bets on tech and the broader market.

It rose by 2.8%. 693 points or 2.1% respectively, and the price jumped 3.3%.

Meta (NASDAQ:), the parent company of Facebook, reported mixed quarter results. Revenue fell below estimates and guidance was weaker than anticipated. But the results weren’t as bad as many had feared, and the social media company saw a return to sequential user growth, helping the stock surge 17%.

“While the outlook [from Meta] was below expectations it was clearly a relief for investors and better than the worst-case scenario that seemed to be baked into shares headed into the print,” Wedbush said in a note.

After the close bell, Amazon.com (NASDAQ) and Apple(NASDAQ:) closed the curtains on major tech earnings. Both were up over 2%.

After the chipmaker announced better-than expected fiscal second-quarter results, and its guidance for third-quarter 2013, the chip stock market also gained momentum.

The chipmaker’s results drew widespread optimism on Wall Street. “[W]e believe the setup for continued growth for the 2H22 remains strong as all the drivers for F2Q/F3Q are joined by typical seasonality and incremental supply,” Deutsche Bank said in a note.

PayPal (NASDAQ:) soared more than 10% after its first-quarter results beat analysts’ estimates, supported by strong payments volume growth and net new active accounts.

McDonald’s (NYSE:) also delivered better-than-expected results as price hikes helped offset the impact of rising costs and the Ukraine war. Its shares were up more than 3%.

Teladoc’s (NYSE:) full-year outlook was cut by more than 40% in the wake of quarterly results, which were negatively impacted due to weaker demand.

A wave of generally positive quarterly results by corporates offset an unexpected drop in U.S. growth.

However, economists, who pointed to the strength in the consumer’s hand, quickly dismissed the report.

“We remain constructive on nominal demand which continues to be supported by pent-up savings and strong wage gains,” Jefferies said.

The surprise decline in the U.S. growth isn’t expected to factor into the Fed’s thinking as above-trend inflation will continue to drive policy.

“I think the Fed will follow through for part of this journey, with two or three aggressive increases, and they’ll start to shrink the balance sheet,” said John Ragard, senior portfolio manager, small cap equity at Spouting Rock Asset Management told Investing.com in an interview on Thursday.

Oil prices continued to plummet as fresh supply concerns fueled oil prices. Germany, however, is apparently warming up to the notion of life without Russian oil.  

The Wall Street Journal reports that German representatives at EU institutions would agree to a ban on Russia-oil imports, provided Berlin has enough time to look for other suppliers.

The market is unlikely to see a rally, despite Wall Street’s recent gains. Investors will be kept on the sidelines by uncertainty and a bumpy road ahead.

“I think until we get these uncertainties lifted on inflation, on the war, on supply chains, on Chinese lockdowns … all of these clouds that are out there have to clear a bit before I think people are willing to be more risk on again,” Ragard added.