S&P 500, NASDAQ Composite Jump on Netflix, Alphabet Gains, Oversold Conditions

Wall Street jumped on Friday on the back of strong gains in Netflix and Alphabet shares, nonetheless, the Dow and S&P 500 still posted losses for the week, along with other equity indexes. For much of the week, the price action was weak and volatile.

Ahead of Friday’s rally, the major indexes were down three days. So Friday’s rebound rally may have been fueled by oversold technical conditions, which prompted some bargain hunting by investors.

Daily S&P 500 Index
Netflix, Google Carry S&P 500, NASDAQ Composite Higher

The S&P 500 Index and NASDAQ Composite were up sharply on Friday, boosted by stellar performances by Netflix Inc and Google parent Alphabet.

Netflix was up 8.5%, but not because of good earnings figures. It surprised investors by saying it had picked up more subscribers than expected at the end of last year.

Additionally, the company announced its co-founder Reed Hastings stepped down as…

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