Wall Street Shares End Higher On Stimulus Optimism

“Google has already got the monopolistic position, has invested billions in infrastructure, AI, technologies, software, engineering and talent. You can’t simply unwind a decade of significant progress, or create new alternative powerhouses or tech ecosystems out of thin air.”

Meanwhile, the third-quarter earnings season has gathered momentum. Of the 66 S&P 500 companies that have reported results, 86.4% have topped expectations for earnings, according to Refinitiv IBES data.

Property and casualty insurer Travelers Cos Inc gained 5.6% as it beat quarterly profit expectations, while consumer products giant Procter & Gamble Co advanced 0.4% as it raised its full-year sales and earnings forecasts.

After the bell, Netflix Inc fell nearly 6% after reporting results that missed expectations for paid subscriber additions in the third quarter, hit by rising streaming competition and the return of live sports to television.

International Business Machines Corp edged past estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud services. The company’s shares, however, fell after it stayed away from issuing a current-quarter outlook, citing economic uncertainty related to the pandemic.

Advancing issues outnumbered declining ones on the NYSE by a 2.13-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.

The S&P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 69 new highs and 29 new lows.

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