NETFLIX BOOST S&P, NASDAQ; J&J, PROCTER DRAG DOW
NEW YORK (Reuters) - U.S. stocks advanced on Tuesday, as strong results from Netflix helped lift the S&P and Nasdaq Composite, but declines in Johnson & Johnson and Procter & Gamble kept the Dow Industrials in check.
Netflix touched a record high of $257.71 and was last up 9.98 percent at $250.30, to cross the $100 billion market value threshold after the video-streaming pioneer beat Wall Street targets for new subscribers in the fourth quarter.
Other stocks, known as part of the “FAANG” - Facebook, Apple, Amazon and Google parent Alphabet - also moved higher.
Insurer Travelers provided the biggest boost to the Dow, up 5.32 percent after the company’s profit topped estimates.
Johnson & Johnson fell 3.91 percent, dragged down by a $13.6-billion charge related to the new U.S. tax law and a court ruling on a crucial patent on its blockbuster rheumatoid arthritis drug Remicade.
Procter & Gamble dropped 3.25 percent as investors focused on a drop in gross margins at the world’s largest consumer goods maker.