Investing.com — The S&P 500, Dow closed at new record highs as investors digested more quarterly corporate earnings, including stronger-than-expected numbers from streaming giant Netflix.
At 4:00 PM ET (2000 GMT), the index rose 37 points, or 0.1%, to a record close of 43,275.91, climbed 0.4% to a record close of 5,864.67, and gained 0.6%.
Netflix is rising on the Q3 beat
Shares of Netflix (NASDAQ:) rose more than 11% after the streaming giant reported stronger-than-expected third-quarter earnings and also gave an optimistic outlook for the current quarter.
The company has gained more subscribers than expected, with more people signing up for Netflix’s ad-based plans.
“The key benefit of the ad level to date is that it limits customer churn, which reduces the pressure to add new subscribers,” Wedbush said in a note on Friday as it raised its price target on the stock from $775 to $800.
The earnings set a positive tone for several tech companies’ upcoming prints in the coming week. Alphabet (NASDAQ:) will report on Tuesday, while Tesla (NASDAQ:) and Amazon (NASDAQ:) will report later this week.
Elsewhere, American Express (NYSE:) Shares fell more than 3% after the credit card giant reported third-quarter earnings below expectations and bigger provisions for credit losses, even as higher spending on its cards fueled a rise in the expectations for the whole year.
Shares of Procter & Gamble (NYSE:) fell 0.6% after the home goods maker missed expectations for first-quarter sales on Friday, as consumers in key markets, the US and China, switched to cheaper home and personal care brands.
CFS Health Plummets Due to Leadership Change; Lamb West is emerging due to activist interest
CVS Health Corp (NYSE:) fell more than 5% after the pharmacy chain said it had appointed David Joyner as CEO, succeeding Karen Lynch.
Lamb Weston Holdings Inc (NYSE:) rose more than 10% after activist investor Jana Partners said it had taken a stake in the company and laid out plans to encourage the company to explore a sale.
(Peter Nurse, Ambar Warrick contributed to this article.)
