Wednesday’s increase in the S&P 500 was fueled by Netflix, which spearheaded a larger rally among technology companies and elevated the market as a whole.
The benchmark S&P 500 managed to close at an all-time high, 4,868.55, with a 0.08% gain. Thanks in part to the tech boom, the Nasdaq Composite increased by 0.36% to 15,481.92. It was their fifth day in a row of victories for both.
The losses of more than 2% in Verizon and 3M the day after each company released earnings harmed the Dow Jones Industrial Average, which fell 99.06 points, or 0.26%, to 37,806.39.
When the streaming service announced that it had reached an all-time high of 260.8 million subscribers, its stock price increased by more than 10%. Both revenue and the outlook for current-quarter profitability exceeded analysts’ expectations.
Source (CNBC)
