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Wall Street rises as Amazon and Netflix hit record highs

The Dow Jones Industrial Average rose 33.33 points, or 0.14%, to 23,537.68, the S&P 500 gained 16.19 points, or 0.58%, to 2,799.55 and the Nasdaq Composite added 139.19 points, or 1.66%, to 8,532.36.

April 17, 2020 / 07:44 AM IST

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.