Netflix shares soared 13% to a two-year high after the company’s biggest subscriber growth in the fourth quarter.
Wall Street ground is recovered on Wednesday, January 24, after the S&P500 benchmark index climbed to record intraday levels, as shares of Netflix rise after exceeding subscriber growth expectations, while chip manufacturer shares were gaining ground thanks to ASML’s strong profits.
In that context, the Dow Jones Industrial Average rises 121.51 points, or 0.3%, to 38,026.96 units; while the index S&P500 adds 35.95 points, or 0.7%, to 4,900.55 units. Meanwhile, the Nasdaq Composite gains 194.95 points, or 1.3%, to 15,620.89 units.
Wall Street operates near its historical records
The S&P 500 hit an all-time intraday high for the third time in less than a week, fueling a bull run in the market that confirmed on Friday after closing at a record. He Dow Jones also surpassed the 38,000 point mark for the first time on Monday.
He Nasdaqloaded with technology companies, is about 4% away from surpassing its all-time high in November 2021.
As for the data, a survey showed business activity recovered in January and the inflation seemed to decreasesuggesting that the US economy started 2024 on a strong note.
Wall Street is boosted by the rise of Netflix after subscriber growth
The Netflix stock They soared 13% to a two-year high after the company’s stronger subscriber growth in the fourth quarter indicated it had won the streaming war with its crackdown on password sharing and a strong content slate.
The communication services sector and the housing segment led sectoral gains with an increase of 1.6%.
“The figure of Netflix “It took everyone by surprise, and my expectation was that subscriber growth for all streaming services would continue to contract and that was kind of an anomaly,” he said. Phil BlancatoCEO of Ladenburg Thalmann Asset Management.
AT&T kept investor euphoria in check by losing 2% after forecasting below-expected annual earnings, while DuPont De Nemours fell 13.4% after projecting a loss for the fourth quarter, compared to profits a year earlier.
Source: Ambito
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