Stocks on Wall Street rebounded Wednesday, snapping a two-day losing streak. Gains in materials, energy and other cyclical sectors helped offset a sharp drop in Netflix.
The broad rally lifted both the Dow and the S&P 500 nine-tenth percent, and the Nasdaq 1.2%.
Summit Place Financial Advisors President Liz Miller says the market’s choppy action shows investors are reevaluating their investments.
“I think that reflects this internal reassessment among investors trying to decide how tilted to be to the industrial cyclical names and how committed they can continue to be to these long term good, strong growth names.”
Capping the Nasdaq’s gains: Netflix. Shares dropped 7% one day after the streaming video pioneer said slower production of TV shows and movies during the health crisis hurt subscriber growth.
Subscribers were also an issue for Verizon. The company lost more wireless subscribers than expected in the latest quarter. Shares fell about a half percent.
Dish Network was the S&P’s top gainer, rising 11%. The satellite TV operator signed a deal with Amazon to build its 5G network on Amazon’s cloud platform.