NEW YORK, Oct 20 — US stock indexes closed higher yesterday with the biggest boosts from the technology and healthcare sectors as investors appeared to bet on solid quarterly reports even as some worried that it was too early to celebrate.
But in the second week of earnings with a “very small sample” of releases, Steve Sosnick, chief strategist at Interactive Brokers, worried about a possible pullback. “The key for the market to going up from here will not be higher multiples, it will have to be higher earnings. That’s why it’s so important to pay attention to what those profit margins do going forward and what the trajectory of GDP looks like,” said Eric Marshall, portfolio manager at Hodges Funds.
Netflix Inc, after closing up 0.2 per cent, added slightly to gains after the bell when quarterly results showed that global interest in Korean thriller “Squid Game” lured more new customers than expected.