The Nasdaq vaulted to a new record high Thursday after a strong earnings report from Netflix helped spark a fairly broad rally led by technology stocks.
The tech-rich Nasdaq Composite Index powered up 64.24 points (1.26 percent) to 5,163.18, about three points above its prior record set on June 23.
The Dow Jones Industrial Average rose 70.08 (0.39 percent) to 18,120.25, while the broad-based S&P 500 gained 16.89 (0.80 percent) at 2,124.29.
Netflix surged 18.1 percent following an earnings report that was light on earnings but heavy on growth. The video streaming service said subscriptions jumped 3.3 million in the second quarter, with the bulk of the increase outside the US. Earnings were $26 million, down from $71 million a year ago.
“It’s a big believers story, the way Amazon is,” said Mace Blicksilver. “On growth metrics, you must own it.”
Blicksilver said the market was further lifted by a confluence of benign events: The passage of an austerity package by the Greek parliament that opens the way to a potential bailout; congressional testimony by Federal Reserve Chair Janet Yellen that was seen as dovish on interest rates; and the steadying of the Chinese stock market.
“It’s hard to see what’s to be bearish about at this very moment,” he said.