It Was a Winning Day on Wall St., But Not for Netflix

Company fell 7.4% after disappointing news on subscriber growth
By Newser Editors and Wire Services
Posted Apr 21, 2021 3:42 PM CDT
Netflix Shares Drop 7.6% as Subscriber Growth Stalls
In this photo provided by the New York Stock Exchange, traders work on the floor, Wednesday April 21, 2021.   (Courtney Crow/New York Stock Exchange via AP)

Stocks ended broadly higher on Wall Street after steadily gaining throughout the day. The S&P 500 index added 0.9% Wednesday following its first back-to-back loss since March. Technology companies and banks helped lead the way higher. Communications stocks were among the only losers, led by a 7.4% drop in Netflix, the AP reports The S&P 500 rose 38.48 points to 4,173.42. The Dow Jones Industrial Average rose 316.01 points, or 0.9%, to 34,137.31. The Nasdaq rose 163.95 points, or 1.2%, to 13,950.22. The Russell 2000 index of smaller companies rose 51.42 points, or 2.3%, to 2,239.63. Much of the market’s focus over the next two weeks will be on individual company stocks and how well their quarterly results turn out.

Netflix had the biggest decline in the S&P 500. The video streaming pioneer disappointed investors with its latest report on subscriber additions, which came in below its own forecasts. The gangbuster growth Netflix had seen during the pandemic appeared to be slowing as people start leaving their homes more and as competition from rival services picks up. Surgical device maker Intuitive Surgical rose 9.6% after handily beating analysts' first-quarter forecasts. Medical device maker Edwards Lifesciences rose 5.6% after also reporting strong financial results. Big companies to report their results after Wednesday's closing bell include Chipotle Mexican Grill and Las Vegas Sands, which were both heavily hit by the pandemic.

(Read more stock market stories.)

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