US stocks rose on Thursday as Amazon.com Inc and Netflix Inc surged to record highs, although trading was choppy as investors worried about the impact of the coronavirus pandemic on first-quarter earnings.
Amazon.com rose 4.4% and Netflix climbed 2.9% as sweeping stay-at-home orders drove demand for online streaming services and home delivery of goods.
The shutdown in New York was extended until May 15, even as coronavirus-related hospitalizations and deaths fell to their lowest in more than a week, adding to evidence that the hardest-hit state was controlling the virus’ spread.
Still, the impact of the health crisis on the economy and companies kept investors on edge. First-quarter earnings kicked off this week, with U.S. banks preparing for a wave of future loan defaults following a halt in business activity.