US stocks advance amid earnings, economic data

New York: US stocks rose as Wall Street awaited the latest quarterly results from online streaming giant Netflix while digesting a slew of economic data.

The Dow Jones Industrial Average on Thursday jumped 162.94 points, or 0.67 percent, to 24,370.10. The S&P 500 was up 19.86 points, or 0.76 percent, to 2,635.96, Xinhua news agency reported.

The Nasdaq Composite Index rose 49.77 points, or 0.71 percent, to 7,084.46.

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All the 11 primary S&P 500 sectors closed higher, with both industrials and materials up more than 1.6 percent, outperforming others.

Netflix delivered mixed fourth-quarter results after Thursday’s close, as its earnings beat expectations while revenue missed estimates. The results sent the stock dipping more than 2 percent in after-hours trading.

Earlier this week, Netflix announced it would raise monthly subscription prices in the US by 13 to 18 percent, a move that was cheered by Wall Street.

Shares of Morgan Stanley slid more than 4 percent at the close after the investment bank on Thursday reported earnings and revenue, both disappointing analysts.

On the economic front, in the week ending January 12, the advance figure for US initial jobless claims, a rough measure of layoffs, was 213,000, down 3,000 from the previous week’s unrevised level, the Department of Labor reported on Thursday. The reading was lower than the market consensus.

Meanwhile, the more stable 4-week moving average was 220,750, a decrease of 1,000 from the previous week’s unrevised average of 221,750.

[source_without_link]IANS[/source_without_link]

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