The stock market is on a sustained bullish trend, with major indices on track for their sixth consecutive week of gains, boosted by strong corporate results.
Wall Street rises this Friday hand in hand with the Nasdaq, which in turn climbs led by a jump in Netflix after the publication of its results, while the plaza seeks to close a week of records.
The index, which focuses on technology, advanced 0.7%, while the S&P 500 rose 0.2%. The Dow Jones Industrial Average lagged, losing 73 points, or 0.2%.
Netflix rises almost 10% after the streaming giant beat Wall Street expectations on both fronts in the third quarter, reporting an increase in 35% on memberships with ads compared to the previous three-month period.
Wall Street and the week of records
After closing Thursday’s session slightly lower, the S&P 500 recovered some of its losses on Friday morning. The 500-stock index added 0.2%, while the Nasdaq Composite rose 0.5%. After reaching a new all-time closing high on Thursday, the Dow Jones Industrial Average fell 73 points, or 0.2%.
wall street markets NYSE.jpg
NYSE
These moves come after a rally in Travelers propelled the Dow to end Thursday at a record closing high. The broad S&P 500 fell slightly despite posting a new intraday high during the session, while the Nasdaq Compositedominated by technology, ended with a modest rise.
The Dow has led the way this week, on track to finish 0.9% higher. The S&P 500 and Nasdaq Composite have added 0.5% and 0.2%, respectively, for the week. With these gains, the three indices are heading towards their sixth consecutive week of increases. That would mark the longest weekly winning streak in 2024 for both the Dow and S&P 500.
Source: Ambito
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