It's a Bad Day for Netflix

But overall, stocks closed mostly higher

By Newser Editors and Wire Services

Posted Jul 18, 2019 3:21 PM CDT

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It's a Bad Day for Netflix — Trader Dennis Maguire works on the floor of the New York Stock Exchange, Thursday, July 18, 2019. (AP Photo/Richard Drew)

Stocks shook off early losses and closed mostly higher on Wall Street as technology and bank stocks rallied Thursday, the AP reports. IBM rose 4.5% Thursday after reporting solid results. The company, along with Apple, helped lift the technology sector to lead the broader gains. Banks led financial stocks higher. BB&T rose 2.8% and SunTrust Banks rose 2.7%.

Major indexes were down most of the day after Netflix reported a slump in new subscribers that sank its stock and took other communications companies down with it. That sector remained the biggest loser of the day. Netflix sank 10.3%. The S&P 500 rose 10 points, or 0.4%, to 2,995. The Dow Jones Industrial Average edged up 2 points to 27,222. The Nasdaq added 22 points, or 0.3%, to 8,207.

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