S&P notches slight gain

Credit: Reuters Studio
Published on January 23, 2020 - Duration: 01:05s

S&P notches slight gain

The S&P 500 ended slightly higher and the Nasdaq eked out a record closing high Thursday, helped by a jump in Netflix, while news about the coronavirus outbreak spreading from China and mixed earnings results kept a lid on the market.

Fred Katayama reports.


S&P notches slight gain

Stocks ENDED LITTLE CHANGED Thursday, snapping back from earlier losses.

Pulling the S&P and Nasdaq into positive territory: the World Health Organization's comment that it's a "bit too early" to declare the virus a global health emergency.

But news about the coronavirus outbreak spreading from China and mixed earnings results capped the gains.

The S&P and Nasdaq added more than a tenth percent.

But Newton Advisors technical analyst Mark Newton is bearish about the market's near-term prospects: SOUNDBITE: NEWTON ADVISORS TECHNICAL ANALYST MARK NEWTON (ENGLISH) SAYING: "I'm expecting in the next three to five days stocks actually can have the chance of peaking out so I'm not all that optimistic.

I think thing shave gone a little too bit too far too quickly." On Wall Street, shares of Dow component P&G declined.

The consumer products maker's quarterly sales fell short of analysts' expectations for the first time in five quarters.

The biggest drag on the blue chip index: Travelers.

The insurer's shares dropped even though profit rose and topped Wall Street's targets.

Netflix shares bounced back sharply.

Guggenheim raised its price target on the streaming video company.

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