Dow and S&P 500 notch closing highs, lifted by tech stocks

29,754 次觀看・3 週前

STORY: U.S. stocks rose Friday with the S&P 500 and Dow notching closing highs boosted by an earnings-driven jump in Netflix shares and broader gains across the technology sector.

The Dow added one tenth of one percent while the S&P 500 climbed four tenths, and the Nasdaq gained six tenths.

All three indexes finished higher for the sixth straight week.

Netflix jumped 11% after posting subscriber growth that exceeded forecasts.

And shares of Apple gained after data showed a sharp increase in new iPhone sales in China.

While tech stocks continue to drive the market higher, other sectors are participating in the gains too which Landsberg Bennett Private Wealth Management Chief Investment Officer Michael Landsberg sees as a positive.

“What we've seen is whether it's financials, industrials, utilities have been a great story in the last 90 days, you're seeing some broadening out here of leadership. I think that's important because what often happens is if leadership is narrow, I think investors start to chase the leadership and then they find out they're very concentrated and they're not diversified. So, I think it's positive that you're starting to see that. I also think it's positive that the Russell 2000 finally showed up to the party after, you know, 2 1/2 years of being missing. It's nice to see some small caps starting to participate as well.”

On the downside Friday was American Express, shares of which fell three percent after its quarterly revenue missed expectations.

And shares of CVS Health dropped 5% after the company replaced its CEO and withdrew its 2024 profit forecast.