U.S. stocks rose, with the Nasdaq 100 Index rallying as gains from Apple Inc. to Netflix Inc. helped offset concerns that global growth is slowing.
Yahoo! Inc., Micron Technology Inc. and Apple jumped more than 2.3 percent to lead technology shares. Netflix surged 3.4 percent before reporting results. Delta Air Lines Inc. climbed 7.3 percent after earnings beat projections. Johnson & Johnson tumbled 2.6 percent after forecasting lower earnings in 2015 as competition cuts into revenue for some of its best-selling drugs. A gauge of homebuilders retreated 3 percent, after plunging almost 7 percent last week.
The Standard & Poor™s 500 Index gained 0.2 percent to 2,022.53 at 4 p.m. in New York, after an earlier decline of 0.7 percent. The Dow Jones Industrial Average added 4.5 points, or less than 0.1 percent, to 17,516.07. The Nasdaq 100 Index gained 0.7 percent. Trading in S&P 500 companies was 19 percent above the 30-day average for this time of the day. U.S. exchanges were closed yesterday for Martin Luther King Day.
The S&P 500 slipped 1.2 percent last week, even with a 1.3 percent rally on Friday, as falling oil, shrinking earnings estimates and concern that slowing global growth will hurt the U.S. economy led to selling. The index is down 1.8 percent for the year.