Netflix boosts tech shares as US stocks rise

October 19, 2016
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, Netflix

NEW YORK – Technology shares led US stocks higher Tuesday after Netflix surged nearly 20 percent following strong earnings and Google finished at an all-time high.

Netflix soared 19.1 percent after reporting 3.57 million in new subscribers for the third quarter and projecting a gain of 5.2 million in the fourth quarter, much better than expected.

The results boosted hopes that other tech earnings may also be strong in the coming weeks. Google parent Alphabet, Tesla Motors and Electronic Arts all rose more than two percent. Amazon and Facebook also rose.

At the closing bell, the tech-rich Nasdaq Composite was up 0.9 percent at 5,243.84.

The Dow Jones Industrial Average rose 0.4 percent to 18,161.94, while the broad-based S&P 500 gained 0.6 percent to 2,139.60.

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