Financials

US stocks trade mixed after earnings reports

US stocks trade mixed after earnings reports

New York: US stocks traded mixed on Tuesday, with Nasdaq reaching record highs, as corporate earnings reports came out overall positive.

At midday, the Dow Jones Industrial Average lost 2.13 points, or 0.01 per cent, to 26,212.47. The S&P 500 increased 5.62 points, or 0.20 per cent, to 2,838.59, reports Xinhua.

The Nasdaq Composite Index was up 42.27 points, or 0.57 per cent, to 7,450.30.

The tech-heavy Nasdaq traded higher as Netflix shares soared after the release of stronger-than-expected subscriber growth.

The US online video giant reported on Monday after the close that it added 8.3 million subscribers in the fourth quarter compared with expectations for 6.4 million.

The company’s shares are up 12 per cent Tuesday to $255, lifting its market value above $100 billion for the first time.

Meanwhile, Dow components Johnson & Johnson and Procter & Gamble both reported better-than-expected earnings and revenue on Tuesday.

The calendar fourth-quarter earnings season is off to a good start. As of Tuesday, 72 per cent of the S&P 500 companies that had reported surpassed earnings expectations, while 80 per cent of those companies had beaten sales estimates, according to US financial information company FactSet.

IANS