Dow and S&P end at fresh record highs, lifted by Netflix earnings and tech stocks
By David
French
Fri October 18, 2024 4:49 PM
Tech got a big boost today mainly due to a great report from Netflix for blowing through estimates for subscriber additions. Netflix has now become the best performing of all the Magnificent 7 stocks, outstripping even Apple, far outstripping Alphabet and achieving more than triple the return of the S&P index, which itself has also done quite well. In fact, both the Dow and S&P reached record highs again with all three indexes securing a sixth weekly gain.
The big concern of course is whether these lofty valuations will sustain and be justified by the earnings pictures. If earnings begin to disappoint, that could trigger a pullback but the best news is that, even if it does, there is still high confidence that there will be no recession. It was the fifth consecutive record close for the Dow. At 10.6 billion, volume still remains below the11.56 average.
DJ: 43,239.05 +161.35 NAS: 18,373.61 +6.53 S&P: 5,841.47 -1.00 10/17
DJ: 43,275.91 +36.86 NAS: 18,489.55 +115.94 S&P: 5,864.67 +23.20 10/18
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