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Stocks Hit Records on Upbeat Earnings

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Stocks Hit Records on Upbeat Earnings

Rising shares of Netflix and different expertise firms pushed main inventory indexes to contemporary data Wednesday, reviving Wall Avenue’s urge for food for development shares.

Shares of the streaming big jumped 17%, Netflix’s largest single-day acquire in additional than 4 years. The rally got here after the corporate reported better-than-expected outcomes for the latest quarter, exhibiting that it had greater than 200 million subscribers on the finish of final 12 months. The corporate additionally stated it has sufficient money to fund additional development with out having to imagine extra debt and it’s contemplating shopping for again a few of its inventory.

Traders took the outcomes as an indication that streaming firms and different tech companies stay clear winners because the Covid-19 pandemic continues to unfold throughout the U.S. With tens of millions of People spending massive chunks of time at house, many have handed the time by streaming motion pictures and tv exhibits.

The outcomes sparked a broader stock-market rally, lifting shares of different streaming firms, together with Disney, in addition to Apple, Alphabet, Fb and different tech shares.

The S&P 500 completed up 52.94 factors, or 1.4%, to 3851.85, a brand new closing excessive. The Nasdaq Composite rose 260.07 factors, or 2%, to 13457.25, additionally notching a report shut. The Dow Jones Industrial Common completed at a contemporary excessive as properly after rising 257.86 factors, or 0.8%, to 31188.38.

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