Squid Game Effect... Netflix Up 5% 'All-Time High'... NY Stock Market Rebounds Successfully

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market closed with a sharp rise, fueled by a rebound buying spree. Despite the turmoil among tech stocks, Netflix, which is enjoying a special boom thanks to Squid Game, saw its stock price soar 5% to an all-time high.

On the 5th (local time), the Dow Jones Industrial Average rose 311.75 points (0.92%) to 34,314.67, the S&P 500 index increased 45.26 points (1.05%) to 4,345.72, and the Nasdaq index surged 178.35 points (1.25%) to close at 14,433.83.

The major tech stocks that had plunged the day before led the overall market rally with their rebound.

Apple rose 1.4%, Microsoft 2%, Alphabet 1.7%, and Amazon 0.98%, respectively.

Although political pressure for regulation on social media continued with a Facebook whistleblower testifying in the U.S. Senate that day, Facebook's stock rebounded 2.06%. Reflecting concerns over social media regulation, Twitter and Snap, which had plunged alongside Facebook, also showed gains in the 2% range that day.

Netflix's stock price surged 5.2%, continuing its record-high streak. The rise in Netflix shares is seen as reflecting expectations that the success of Squid Game will be reflected in its earnings. Cowen & Co. expects Netflix's third-quarter new subscribers to reach 3.63 million, exceeding the company's guidance.

Although the stock market has continued to be weak in October following September, some experts still predict a bullish market. Marco Kolanovic, JP Morgan's Chief Global Market Strategist, stated, "I do not expect the downtrend to continue. Even if the market falls, I maintain a buy opinion."

Experts are paying close attention to the U.S. September employment report to be released this weekend, as it is expected to be a key factor determining the future direction of the stock market.

This content was produced with the assistance of AI translation services.