Why Netflix Stock Is Soaring Today
Shares of Netflix (NASDAQ: NFLX) rose sharply on Monday. The media streaming leader's stock closed the day 6.6% higher, driven by two very different factors.
The stock market as a whole was up on Monday. First, many investors wanted to take advantage of low stock prices after a brutal sell-off on Friday. This bullish effect was amplified by news from Great Britain, as the British government canceled most of the tax cuts it had introduced in a recent mini-budget.
Together, these activities drove the S&P 500 2.7% higher, while the more volatile Nasdaq Composite index gained 3.4%. As a Nasdaq-listed growth stock, Netflix shares benefited strongly from these positive market moves.
Source Fool.com
