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Netflix, tech rally raises Wall Street as investors move away from weak bank results by Reuters



© Reuters. Traders working on NYSE's floor in New York

By Medha Singh and Sruthi Shankar

(Reuters) – US shares rose on Tuesday when Netflix asked a rally in technology and internet stocks and UnitedHealth performed well while the hopes of more stimulus for China's slower economy called for buying in risky assets.

Netflix Inc (O 🙂 shares ran 7 percent after video streaming pioneer said it was raising prices for its US subscribers. Other high-profile stocks like Microsoft Corp. (O :), Amazon.com Inc (O 🙂 and Apple Inc (O 🙂 rose after the announcement.

The communications service sector (), which includes Netflix and Facebook (NASDAQ :), increased 1

.64 percent while technology stocks () jumped 1.53 percent.

"Investors expect earnings to be lower in 2019. But many of the reports we read are still pretty positive. They are looking to hire, invest in companies looking to raise prices," says Matthew Watson, portfolio manager for the James Golden Rainbow Fund in Xenia, Ohio.

Disappointing earnings reports from major US banks and Republican Senator Chuck Grassley comments on the progress of US-China trade negotiations had temperate sentiment early in the day.

JPMorgan Chase & Co (N :), the largest US bank of assets, missed the quarterly surplus due to a fall in bond trading while Wells Fargo & Co (N 🙂 said its l anch and quarterly revenue fell in all of its large companies.

However, JPMorgan shares rose 0.7 percent and Wells Fargo was some of its early losses to trade 1.4 percent.

"I don't think the reports came out, pointing to a weakness in the forward direction," says Jonathan Golub, Chief US Equity Strategist at Credit Suisse (SIX :).

"If we don't care in the recession if interest rates are higher as markets become a little more stable, it's positive for the financial stocks."

The S&P financial index () was also higher and accounted for profit of 0.6 percent.

With the earnings season, analysts expect S & P 500 profits to grow by 14 percent in the fourth quarter, much lower than the forecast of 20.1 percent in October, according to IBES data from Refinitiv.

Chinese officials came into force on Tuesday, suggesting more stimulus in nearby, easy-to-worry concerns such as the lowdown in the world's second largest economy.

pm. 13:11 p.m. EDT, the Dow Jones Industrial Average () was 133.81 points, or 0.56 percent at 24.043.65, S & P 500 () was up 24.39 points or 0.94 percent at 2.607.00 and Nasdaq Composite () was at 107.83 points or 1.56 percent, at 7.013.75.

The health insurance company UnitedHealth Group (N 🙂 jumped 2.7 percent and was the top winner at Dow after reporting a better than expected quarterly result.

Nine of the 11 major S&P sectors were higher, with only materials () and industrial indices () posting losses.

Investors will monitor voting on British Prime Minister Theresa Mays Brexit Agreement, a decision to define Britain's departure from the EU and set the course for the country's economy. The vote is expected to start around 1900 GMT or at 14:00. ONE.

Accelerating problems exceeded decliners with a 1.52 to 1 ratio on the NYSE and with a 1.57 to 1 ratio on the Nasdaq.

The S&P index recorded a new 52-week high and a new low, while Nasdaq recorded 18 new highs and 13 new lows.


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