S&P 500, Nasdaq end at records as Netflix shares jump 10%

Traders work on the floor of the New

Traders work on the floor of the New

The blue chip Dow Jones Industrial Average also reached an intraday record, however, it was unable to sustain the gains and turned lower for the session.

Some investors are eyeing a pullback in stocks for a market that is "overbought on a short-term basis", said Briefing.com analyst Patrick O'Hare, but he added that there is reason to question that outcome.

The S&P 500 is up 28.83 points, or 1 percent.

In Toronto, the TSX is up over 17 points at 16,365. Of the 68 companies in the benchmark index that have posted results, 76.5 percent have topped Wall Street expectations.

Wall Street was mixed, though trading near record highs, as a rally in shares of Netflix following better-than-expected earnings offset slides in shares of Johnson & Johnson Procter & Gamble as their results disappointed.

The S&P 500 is up 165.52 points, or 6.2 percent.

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Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.28-to-1 ratio favored advancers.

The Nasdaq is up 556.90 points, or 8.1 percent. Investment banker Needham upgraded the stock to "hold" from "underperform".

About 30 minutes into trading, the Dow Jones Industrial Average was at 26,186.32, down 0.1 percent, the S&P 500 was up slightly at 2,833.79, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 7,426.94.

The Dow is up 139.09 points, or 0.5 percent.

The major US stock indexes are in the midst of an earnings driven bull market and I see nothing that can derail the 18 month rally.

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