Wall Street ends higher, S&P 500, Nasdaq notch strong monthly gains

STORY: U.S. stocks advanced on Thursday as solid corporate earnings offset the war-related oil supply shock that sent crude prices to four-year highs.The Dow added 1.6% while the S&P 500 rose 1% and the Nasdaq climbed a little less than that on the last trading day of April.The S&P had its best month in more than five years and the Nasdaq its best in six years.Economic data showed the U.S. economy continues to grow at a healthy pace as investors navigate geopolitical tensions.While inflation jumped to more than 3% on an annual basis from the rise in fuel costs as measured by the personal consumption expenditures price index,That is significantly higher than the Federal Reserve’s 2% target.However, Mike Bailey, director of research at FBB Capital Partners isn’t concerned. “We're looking at inflation heating up a little bit, but not to the level where investors are getting worried. So I think that's a plus. GDP is growing. You know, as you can kind of look across the board and everything seems a little mixed. So GDP is growing better than what we saw in the fourth quarter. Not quite as much growth as the investors wanted, but I think good enough.”Several members of the Magnificent Seven group of artificial intelligence-related megacaps reported late Wednesday.Alphabet jumped 10% after reporting a record quarter for its cloud unit.Meta fared much worse falling 8.5% and Microsoft slid 4% on concerns over artificial intelligence-related expenditures.Late Thursday Apple reported results that beat Wall Street estimates, while supply constraints hindered iPhone sales. The stock was lower in after-hours trading.:: Eli LillyOther stocks on the move included Eli Lilly, which gained nearly 10% after the drugmaker raised its annual profit forecast on sustained weight-loss drug demand.And Caterpillar also added 10% and hit an all-time high during the session after posting an increase in quarterly profit due to strong demand for its power generation and construction equipment.