NEW YORK, April 22 — After two down sessions, Wall Street stocks opened higher Wednesday following strong earnings from Netflix and some other companies, while oil prices continued to gyrate.
About 20 minutes into trading, the Dow Jones Industrial Average stood at 23,398.62, up 1.7 per cent.
The broad-based S&P 500 gained 1.6 per cent to 2,780.25, while the tech-rich Nasdaq Composite index advanced 1.8 per cent to 8,409.18.
Subscriptions to Netflix surged by almost 16 million in the last quarter, boosting profits, as consumers gravitated to the streaming service while other entertainment options were shuttered due to government lockdowns to combat the coronavirus.
But shares of Netflix, which had rallied in anticipation of the earnings report, fell 4.2 per cent.
Companies that rose after reporting earnings included Chipotle Mexican Grill, which jumped 7.6 per cent, and AT&T, which gained 1.5 per cent.
Oil markets remained highly volatile after US futures sank into negative territory for the first time on Monday due to a supply glut.
US oil futures surged 25 per cent early Wednesday and international benchmark Brent oil was also higher after earlier hitting a two-decade lows.
The turmoil in the oil market has been a source of downward pressure in the stock market over the last two days, amid fears of oil industry bankruptcies and concerns about the weakening macroeconomic picture that has dented petroleum consumption. — AFP