US stocks moved higher on Wednesday, with the technology sector leading the market higher following a strong earnings report from Netflix.
Shares of Netflix jumped as much as 13% after the company said it added a record 37 million paid subscribers in 2020, helping to drive its operating income up by 76%, to $4.6 billion.
The video-streaming company also said it expected positive free-cash-flow generation going forward and would begin to stop relying on the debt markets to fuel its content lineup; it could eventually explore a stock-buyback program.
Here’s where US indexes stood after the 9:30 a.m. ET open on Wednesday:
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Morgan Stanley reported fourth-quarter earnings that beat analysts’ expectations, driven by the firm’s trading unit and wealth-management arm.
Popular cryptocurrencies like Bitcoin and Ethereum pulled back on Wednesday after Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, said it might make sense to “curtail” their use because they are mainly used for illicit activities in a transactional sense.
Alibaba surged 7% after its founder, Jack Ma, resurfaced in a videoconference. Ma had not been seen in public for months as Chinese regulators clamped down on the Ant Group initial public offering and Alibaba’s selling practices.
Gold rose as much as 1.05%, to $1,859.60 per ounce.
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