Dow Hikes to 9-Day Rally, NASDAQ, S&P Bruised - InvestingChannel

Dow Hikes to 9-Day Rally, NASDAQ, S&P Bruised

The Dow Jones Industrial Average jumped for a ninth consecutive day on Thursday after better-than-expected earnings results from drugmaker Johnson & Johnson. It was the Dow’s best daily winning streak since 2017.

But the broader market suffered after post-earnings declines in trader favorites Netflix and Tesla.

The 30-stock index moved higher 163.97 points to end the day at 35,225.18, enjoying their ninth straight day of gains, its longest streak since 2017.

The S&P 500 backpedaled 30.85 points to 4,534.87.

The NASDAQ index jettisoned 294.71 points, or 2.1%, to 14,063.31.

Shares of Dow constituent Johnson & Johnson rose 6% after the drugmaker hiked its full-year guidance along with posting quarterly results that topped Wall Street’s estimates. Another Dow name, insurer Travelers, beat analyst estimates for revenue in the quarter, boosting the shares.

But the earnings results were uneven and that dragged down the S&P 500 and NASDAQ. Shares of Netflix dropped more than 8% after the streaming giant posted revenue that fell short of analysts’ estimates. Expectations were high into the report with the stock up nearly 50% on the year.

Tesla, meanwhile, tumbled 9.7%. Late Wednesday, CEO Elon Musk and other executives said on its earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.

Of the S&P 500 companies that have reported earnings thus far, 74% have exceeded expectations, FactSet data shows.

Prices for the 10-year Treasury slumped, raising yields to 3.85% from Wednesday’s 3.74%. Treasury prices and yields move in opposite directions.

Oil prices regained 28 cents to $75.63 U.S. a barrel.

Gold prices dulled $8.90 to $1,971.80 U.S. an ounce.

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