Nasdaq, S&P End at Record Peaks; Dow Weighed Down by J&J, Procter
U.S. stocks rose on Tuesday, as solid results from Netflix helped boost the S&P and Nasdaq Composite. However, losses in Johnson & Johnson and Procter & Gamble added pressure on the Dow Industrials.
The Nasdaq composite ended at a record peak, rising 0.7 percent to 7,460.29. The S&P 500 also closed at an all-time peak, gaining 0.2 percent at 2,839.13, as the corporate earnings season continued. The Dow Jones industrial average notched an intraday record, before closing 3.79 points lower at 26,210.81.
Video streaming giant Netflix after the close announced that total net adds reached 8.33 million, well above a StreetAccount estimate of 6.39 million. Netflix's stock jumped ten percent, lifting the company's market cap above $100 billion for the first time.
Dow components Johnson & Johnson, Procter & Gamble and Travelers Cos. all posted better-than-expected earnings and revenue on Tuesday. Verizon, another Dow component, posted a profit that fell short of expectations, while sales exceeded analyst estimates.
Other stocks, known as part of the “FAANG” - Facebook, Apple, Amazon and Google parent Alphabet - also moved higher.
Insurer Travelers provided the biggest boost to the Dow, climbing 5.32 percent after the company's profit topped estimates.
Equities are off to a strong start for the year, with the three major indexes rising at least 6 percent in January. Stocks are building on the strong gains made in 2017.
Whirlpool jumped 3.2 percent after Trump approved a 20 percent tariff on the first 1.2 million imported large residential washing machines in the first year and a 50 percent tariff on machines above that number.
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