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Dow Snaps 2-Day Losing Streak as Reopening Stocks Back in Demand

Stock MarketsApr 21, 2021 04:12PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow rallied Wednesday, as investors resumed bets on reopening stocks, shrugging off a fresh wave of Covid-19 cases that threatens to slow the global recovery.

The Dow Jones Industrial Average rose 0.94%, or 316 points, the S&P 500 was up 0.93%, to move closer to its record high of 4,191.31, and the Nasdaq Composite was up 1.19%.

The reopening trade – bets on stocks set to move higher as the economy reopens were – is back on trading menu. Cruise line stocks led charge higher despite a new wave of Covid-19 infections sweeping across a number of countries including Japan and India that will likely delay the rebound in travel.

Norwegian Cruise Line (NYSE:NCLH) was up 10% after Goldman Sachs (NYSE:GS) lifted its rating on the stock to buy from neutral and talked up the cruise company's capacity growth and low debt levels relative to its peers.

Carnival (NYSE:CCL) and Royal Caribbean Cruises (NYSE:RCL) ending the day up more than 6% and 4%, respectively. 

Quarterly earnings continued to pour in, some good, some bad, and some that spooked investors.

Netflix (NASDAQ:NFLX) fell more than 7% after the streaming giant's first-quarter earnings beat was overshadowed by subscriber growth that fell well short of Wall Street estimates. The streaming giant guided subscriber growth to increase by just 1 million for Q2, stoking investor fears over the impact of competition from Disney and other rivals.

"[W]e think that competition for new subscribers will limit Netflix’s ability to do so, as fickle subscribers from at or below median income households are likely to churn more frequently in the future and to rotate among the many new services offered," Wedbush's analyst Michael Pachter said in a note.

Verizon Communications ' Inc (NYSE:VZ) earnings beat in the first quarter was cast aside by larger-than-expected decline in postpaid subscribers as the trend of cable cutting continued.

The wireless carrier lost 178,000 postpaid wireless phone subscribers, compared with analyst estimates for a 40,000 decline.

CSX (NASDAQ:CSX) jumped 4% after the rail operator reported mixed quarterly results as revenue beat, but earnings missed Wall Street estimates.

Energy stocks ended up more than 1% sidestepping a fall in oil prices on fears of increased supply from Iran. The U.S. is reportedly considering easing some sanctions against Iran in an apparent olive branch to smooth over nuclear talks. 

Big tech, excluding Google-parent Alphabet (NASDAQ:GOOGL), and Facebook (NASDAQ:FB), also recouped some losses.

Amazon.com (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL) were in the green.

Dow Snaps 2-Day Losing Streak as Reopening Stocks Back in Demand
 

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Comments (6)
Greg Hamilton
OptionsTrader Apr 21, 2021 7:55PM ET
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The market was waiting on the George Floyd verdict.
Lonnie Shelton
Lonnie Shelton Apr 21, 2021 5:30PM ET
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I don't pay much attention to these articles any more.
Yelen Shim
Yelen Shim Apr 21, 2021 5:30PM ET
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Of course you do. You even read it and commented.
Antique Purveyor
Antique Purveyor Apr 21, 2021 5:30PM ET
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really?
WW Traveler
WW Traveler Apr 21, 2021 5:30PM ET
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Tomorrow there will be an article stating just the opposite.
Gamer Turtle
GamerTurtle Apr 21, 2021 4:48PM ET
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if reopening is the key behind today's movement, explain to us why oil is down, yield is down, and so is dollar? lol.
Amine Fourali
Amine Fourali Apr 21, 2021 4:48PM ET
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They cannot explain it because they understand nothing in the market....
cristian gonzales
cristian gonzales Apr 21, 2021 4:48PM ET
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is been going rhe 2/3 day sell off , rich become richer mid class sell their stocks and lose money for fear and re buy , been there done that , financials and banks push the sell off in ore markets to adjust their earnings follow by investors gaining 10 to 18 percent follow by 5 percent investors and the ones that lose when the market is -060 to-090. is a trend is the new way
Jon Bal
Jon Bal Apr 21, 2021 4:32PM ET
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2 occurances counts as a streak? TIL
Luke Lee
Luke Lee Apr 21, 2021 4:32PM ET
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Tomorrow’s headline will feature a 1-day winning streak
Casador Del Oso
Casador Del Oso Apr 21, 2021 4:29PM ET
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What exactly is different from 2 days ago? NOTHING!
Mojo Snake
Mojo Snake Apr 21, 2021 4:23PM ET
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Yeah Netflix you have to hate those fickle cheap poor people that don't want to pay for your overpriced content lacking service.... I totally hear you.  Quit whining and put out a quality product.
 
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