Record Highs for S&P 500 and Dow

Investing.com—The S&P 500 and Dow closed at fresh record highs as investors digested quarterly corporate earnings, including strong results from Netflix.

At 4:00 p.m. ET (2000 GMT), the Dow Jones Industrial Average rose 37 points (0.1%) to a record close of 43,275.91. The S&P 500 climbed 0.4% to a record close of 5,864.67, while the NASDAQ Composite gained 0.6%.

Netflix Surges on Q3 Beat

Netflix (NASDAQ:NFLX) shares surged over 11% after it reported stronger-than-expected third-quarter earnings, providing an upbeat outlook for the current quarter. The firm added more subscribers than anticipated, particularly for its ads-based subscription tiers. Wedbush raised its price target on Netflix stock from $775 to $800, citing the ad tier's ability to limit churn and maintain subscriber growth.

The positive earnings performance set an optimistic tone for other technology firms reporting in the coming week, including Alphabet (NASDAQ:GOOGL) on Tuesday, and Tesla (NASDAQ:TSLA) and Amazon (NASDAQ:AMZN) later in the week.

Other Notable Earnings

American Express (NYSE:AXP) saw its stock drop over 3% post-earnings as the credit card giant reported third-quarter profits and revenues below expectations, despite increased full-year guidance due to higher card spending.

Procter & Gamble (NYSE:PG) fell 0.6% after missing first-quarter sales projections, as consumers increasingly opted for cheaper personal care and household brands.

Leadership Changes Impact Stocks

CVS Health Corp (NYSE:CVS) declined over 5% following the announcement of David Joyner as the new CEO, succeeding Karen Lynch. In contrast, Lamb Weston Holdings Inc (NYSE:LW) rose more than 10% after activist investor Jana Partners disclosed a stake in the company and encouraged exploration of a sale.