STORY: U.S. stocks rose on Friday, with the S&P 500 and Dow hitting new closing highs, helped by a sharp rise in profit-driven Netflix shares and broad gains across the technology sector.
The Dow rose one-tenth of a percent, the S&P 500 rose four-tenths, and the Nasdaq rose six-tenths.
All three indexes have increased for the sixth consecutive week.
Netflix posted better-than-expected subscriber growth, jumping 11%.
Apple shares also rose after data showed a surge in sales of new iPhones in China.
While tech stocks continue to rise in the market, Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, is positive that other sectors are also joining in the rally. are.
“What we’ve seen is great news over the last 90 days, whether it’s in finance, industry or utilities, we’re seeing an expansion of leadership here. I think that’s important. Because often when you have narrow leadership, investors start following the leadership and then realize that the leadership is very concentrated and not diverse. I think it’s a positive thing that we’re starting to see, and I also think it’s good that the Russell 2000 is finally showing up to the party after being missing for two and a half years. I’m glad you’re here.”
Among the decliners on Friday was American Express, whose shares fell 3% after lower-than-expected quarterly sales.
CVS Health stock also fell 5% after the company replaced its CEO and withdrew its 2024 profit forecast.
