Stock Market News: Netflix Streams Higher; Russian Taxes Burn Philip Morris
Thursday morning brought modest gains to Wall Street as investors celebrated some progress on the global geopolitical front. Officials from the U.K. and the European Union agreed to a tentative Brexit deal, setting the stage for a more orderly economic separation of the two entities than many had feared would eventually happen. As of just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 80 points to 27,082. The S&P 500 (SNPINDEX: ^GSPC) rose 13 points to 3,003, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) climbed 31 points to 8,156.
Meanwhile, on the other side of the Atlantic, third-quarter earnings season continued to move forward. Netflix (NASDAQ: NFLX) reported results that largely calmed frayed nerves about the streaming video giant's prospects for future growth. However, even though Philip Morris International (NYSE: PM) was able to deliver solid bottom-line performance in the third quarter, the tobacco giant made a guidance cut for the full year that reflected a dispute it's had with the Russian government.
Netflix shareholders celebrated the company's third-quarter financial results, sending the stock higher by 8% Thursday morning. After fears that the streaming video giant might be losing its edge, investors were happy to see signs of strength from Netflix's numbers.
Source Fool.com
