Tech and consumer-focused companies rise; Netflix leaps
NEW YORK (AP) — U.S. stocks are rising today with technology and consumer-focused companies leading the way.
Netflix is surging after saying it gained more than 8 million subscribers at the end of 2017. Household goods makers including Johnson & Johnson and Procter & Gamble are sinking after disappointing quarterly reports. Bond yields are down after rising to three-year highs in the last few days. That's helping high-dividend companies like utilities.
The Standard & Poor's 500 index added 6 points, or 0.2 percent, to 2,839 as of 3 p.m. Eastern time. The Dow Jones industrial average fell 11 points, or 0.1 percent, to 26,202. The 30-stock index was pulled lower by the losses from Johnson & Johnson and Procter & Gamble, as well as declines in Goldman Sachs and Boeing. The Nasdaq composite jumped 48 points, or 0.7 percent, to 7,456. The Russell 2000 index of smaller-company stocks added 4 points, or 0.3 percent, to 1,609.
Netflix said it picked up 8.3 million subscribers in the fourth quarter, a much stronger result than the company and analysts had expected. That came even though Netflix raised the price of its most popular plan in the U.S. The streaming video company's stock soared $23.16, or 10.2 percent, to $250.75.
Big technology companies also rallied. Apple gained $1.05 to $178.05 and Facebook rose $2.66, or 1.4 percent, to $188.03. Online retailer Amazon climbed $28.09, or 2.1 percent, to $1,355.40.