The S&P 500 advanced on Wednesday for a sixth day as investor sentiment was raised by better-than-anticipated earnings reports and a new record for the dominant cryptocurrency, Bitcoin.
The Dow Jones Industrial Average (DJIA) increased by 100 points or 0.02%. Meanwhile, the S&P 500 soared 0.2%. Meanwhile, the Nasdaq Composite declined by 0.05%.
Bitcoin climbed $66,299 Wednesday, a new lifetime high for the cryptocurrency. The surge came following comments from Paul Tudor Jones, who called bitcoin his preferred inflation hedge over gold. BTC has been rising for four weeks amid positive regulatory developments and the expectation of the first bitcoin-linked ETF, which started trading Tuesday.
Netflix reported its third-quarter earnings report on Tuesday after the market closed. According to the firm, it added 4.4 million subscribers during the period.
Remarkably, wall Street analysts anticipated 3.84 million additions, according to estimates from StreetAccount.
Dow, the S&P 500 and the Nasdaq are below 0.49%, 0.58% and 1.78% below their record
Remarkably, Deutsche Bank downgraded Netflix after the report. They assumed its stock valuation was hard to justify with revenue growth set to slow next year. The company also announced strong fourth-quarter subscriber additions are already baked into the stock.
United Airlines also reported quarterly results after the bell on Tuesday, with the firm surpassing analyst expectations on the top and bottom line amid a continuing recovery in travel demand. Meanwhile, United shares were a little lower Wednesday.
Biogen shares grew 2% after it surpassed estimates on earnings and revenue and raised its full-year guidance. Verizon gained by more than 2% after reporting strong earnings. However, it missed revenue anticipations slightly and raised its forecast on 5G demand.
Ford shares gained 2% after Credit Suisse upgraded the auto firm on its EV shift and estimated a 30% rally in the stock.
The S&P 500 boosted 0.74% on Tuesday, while the Nasdaq Composite advanced 0.71%. Meanwhile, the Dow increased around 200 points, or 0.56%.
Overall, the Dow is 0.49% below its record, whereas the S&P and Nasdaq are at 0.58% and 1.78% below their lifetime high marks.
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