Stocks surged in morning trade on Wall Street Thursday as strong earnings reports from several big US companies were well received by traders.

The S&P 500 rose 0.8% as of 10:20 am Eastern Time Zone. The Dow Jones Industrial Average rose 245 points, or 0.7%, to 35,412. The Nasdaq rose 0.62% to 13,536.30.

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Technology stocks did most of the heavy lifting. Apple surged 1.8%, and Microsoft rose 1.3%.

American Airlines jumped 7.3% after the company said it expects to turn a profit in the second quarter as more people return to travel. The positive outlook helped push rival airlines higher, including the other travel sector companies. Expedia grew 4.3% and Marriott rose 1.8%.

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Tesla gained 8.3% after reporting healthy sales and seven times increase in profits despite global supply chain kinks.

The strong earnings reports helped the broader market to move in a certain direction in an overall volatile week. Major indexes are on the way to weekly gains. Investors are watching the latest round of corporate earnings amid concerns about rising inflation and the Federal Reserve’s shift away from an ultra-low rate interest rate policy.

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Bond yields gained ground. The yield on the 10-year Treasury rose to 2.90% from 2.84%, hovering near its highest level since late 2018.

US crude oil prices soared 2.5% on Thursday and are around 40% high for the year. Gasoline prices have increased as well, which cuts deeper into consumers’ wallets.

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Wheat and corn prices have also jumped, as Ukraine is a major global producer of both commodities. Rising commodity prices and uncertainty over inflation have been persisting over the economy even as it continues to show more signs of recovery from the coronavirus pandemic. The Labor Department, on Thursday, reported that applications for unemployment benefits reduced last week as the total number of Americans collecting aid slipped to its lowest level in over five decades.