Nasdaq rises as Netflix fuels rally boosted by strong earnings
The Nasdaq Composite rose Friday, led by a post-earnings jump in Netflix, as Wall Street looked to close a record-setting week.
The tech-heavy index traded 0.5% higher, while the S&P 500 advanced 0.3%. The Dow Jones Industrial Average lagged, losing 59 points, or 0.1%.
Netflix climbed 11% after the streaming giant beat Wall Street’s expectations on both lines in the third quarter, while reporting a 35% jump in ad-tier memberships from the prior three-month period. Procter & Gamble also reported better-than-expected earnings, while revenue fell short of estimates.
So far, more than 70 S&P 500 companies have reported earnings. Of those, 75% have beaten expectations, according to FactSet.
Despite volatility in the market increasing leading up to the election, stocks may actually continue to rally through November, according to Rob Williams, chief investment strategist at Sage Advisory. This would be atypical for an election year.
Source: CNBC
