Monday, 24 September, 2018

S&P 500 and Nasdaq reach fresh records; Netflix surges

S&P 500 and Nasdaq reach fresh records; Netflix surges S&P 500 and Nasdaq reach fresh records; Netflix surges
Nellie Chapman | 26 January, 2018, 04:47

Stocks closed mostly higher, with the S&P and Nasdaq again setting new records but the Dow finishing flat following the latest batch of corporate earnings. Its stock jumped 3.2 percent after President Trump approved a 20 percent tariff on the first 1.2 million imported large residential washing machines in the first year and a 50 percent tariff on machines above that number.

Among others reporting, Procter & Gamble fell 2.4 percent after it reported a three percent rise in net sales to $17.4 billion.

In the cash market, the Dow settled at 26210.81, down 3.79 or -0.01%.

After the development, shares of Whirlpool rose 3.43% and smaller solar names such as Real Goods Solar, up 28.70% and Sunworks, up 7.26%, moved higher.

Netflix touched a record high of $257.71 and was last up 9.98 percent at $250.29, to cross the $100 billion market value threshold.

Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.28-to-1 ratio favored advancers. Australia's S&P/ASX 200 rose 0.3 percent to 6,057.10.

Volume on US exchanges was 6.78 billion shares, above the 6.38 billion average for the full session over the last 20 trading days.

In New York, among the notable movers was medtech group ResMed Inc (NYSE:RMD), which added over 15% to US$101.01 following a big second quarter earnings beat.

Chinanet Online Holdings Inc (NASDAQ:CNET) gained over 13% to US$4.23 as the firm reported a blockchain joint venture.

Meanwhile in Asia, Hong Kong's Hang Seng index hit a record-high, while Japan's Nikkei closed at its highest level in 26 years.

The Dow Jones is down over 25 points at 26,186.

It has fallen 0.25 per cent to 79.98 United States cents.