The Globe and Mail reports in its Friday, May 2, edition that U.S. stocks rallied on Thursday, with the Dow and S&P 500 marking their eighth consecutive session of gains, fuelled by strong results from Microsoft and Meta that eased concerns about AI spending. A Reuters dispatch to The Globe reports that Microsoft surged 7.6 per cent, reaching its highest level since January, thanks to a positive growth forecast for its Azure cloud business. Meta rose 4.2 per cent, closing at its highest since April 9, after reporting better-than-expected revenue. The results helped allay fears the massive spending on artificial intelligence in recent years would not be rewarded, and eased concerns that President Donald Trump's tariffs could dent economic growth. Repercussions from frequent shifts in U.S. trade policy have hung over a solid earnings season so far, with many companies slashing or withdrawing their profit outlooks. S&P 500 first quarter earnings are seen growing 12.9 per cent on an annual basis, up from the 8-per-cent growth rate seen on April 1. Amazon fell nearly 4 per cent after its earnings, with cloud growth lagging, while Apple was set to report later.