Mumbai, May 2 -- The Nasdaq jumped 264.40 points (1.5%) to 17,710.74, the S&P 500 climbed 35.08 points (0.6%) to 5,604.14 and the Dow rose 83.60 points (0.2%) to 40,752.96.

Microsoft soared by 7.6% after the company reported better than expected fiscal third quarter results and provided strong full-year guidance. Meta Platforms also shot up by 4.2% after reporting first quarter results that exceeded analyst estimates on both the top and bottom lines.

Pharma giant Eli Lilly (LLY) plummeted by 11.7% after reporting better than expected first quarter results but cutting its full-year profit forecast. Qualcomm plunged by 9% after the chipmaker reported fiscal second quarter results that beat expectations.

Buying interest faded later in the...