NEW YORK, Jan 20 — Strong Netflix subscription figures helped lift Nasdaq early today as US equities sought to shrug off losses this week amid recession worries.
The streaming giant reported lower quarterly profits, but Netflix shares rocketed 8.1 percent after it reported more than 230 million global subscribers, topping analyst estimates, as hits such asGoogle parent Alphabet also rose, advancing 3.7 percent after announcing it will cut about 12,000 jobs globally in the latest downsizing by a tech giant.
About 15 minutes into trading, the Dow Jones Industrial Average was down less than 0.1 percent at 33,030.31. The broad-based S&P 500 climbed 0.3 percent to 3,909.00, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 10,922.82. Stocks have been under pressure this week as investors have digested weak retail sales and other indicators of declining economic performance while top Federal Reserve officials have continued to vow a tough line against inflation. — AFP
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