Markets Right Now: Stocks shake off early loss, end higher
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks shook off early losses and closed mostly higher on Wall Street as technology and bank stocks rallied.
IBM rose 4.5% Thursday after reporting solid results. The company, along with Apple, helped lift the technology sector to lead the broader gains.
Banks led financial stocks higher. BB&T rose 2.8% and SunTrust Banks rose 2.7%.
Major indexes were down most of the day after Netflix reported a slump in new subscribers that sank its stock and took other communications companies down with it. That sector remained the biggest loser of the day. Netflix sank 10.3%.
The S&P 500 rose 10 points, or 0.4%, to 2,995.
The Dow Jones Industrial Average edged up 2 points to 27,222. The Nasdaq added 22 points, or 0.3%, to 8,207.
Stocks are moving lower on Wall Street as a big miss in subscriber numbers by Netflix pulls down communications companies.
Netflix plunged 11.4% Thursday after saying its subscriber additions for the April-June period were far below its forecasts. The shortfall came after Netflix raised its prices.
Technology stocks also fell. Qualcomm lost 1.8% after European regulators fined the chipmaker $271 million and accused it of predatory pricing.
Union Pacific rose 4.5% after the railroad operator reported earnings that were far better than analysts were expecting. That came as a relief a day after rival CSX cut its revenue outlook.
The S&P 500 fell 10 points, or 0.4%, to 2,973.
The Dow Jones Industrial Average fell 141 points, or 0.5%, to 27,080. The Nasdaq fell 48 points, or 0.6%, to 8,136.
Stocks are slipping in early trading on Wall Street, dragged down by communications companies after Netflix reported a big miss in its subscriber numbers.
Netflix plunged 9.4% in early trading Thursday after saying its subscriber additions for the April-June period were far below its forecasts. The shortfall came after the service raised its prices.
Railroad operator Union Pacific rose 4.5% after reporting earnings that came in well ahead of what analysts were expecting. That came as a welcome relief a day after rival CSX cut its revenue outlook for the year.
The S&P 500 index fell 3 points, or 0.1%, to 2,981.
The Dow Jones Industrial Average fell 36 points, or 0.1%, to 27,182. The Nasdaq fell 9 points, or 0.1%, to 8,175.