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Netflix boosts tech shares as US stocks rise

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Technology shares led US stocks higher Tuesday after Netflix surged on strong subscriber growth and Google parent Alphabet hit an all-time high as its new Pixel phone garnered positive reviews.

Netflix soared 19.0 per cent after reporting 3.57 million in new subscribers for the third quarter and projecting a gain of 5.2 million in the fourth quarter, much better than expected.

The results boosted hopes that other tech earnings may also be strong in the coming weeks. Google parent Alphabet, Tesla Motors and Electronic Arts all rose two per cent or more. Amazon and Facebook also saw an increase.

The tech-rich Nasdaq Composite jumped 0.9 per cent to 5,243.84.

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Paul

The author Paul