Nasdaq drops as Netflix subscriber numbers weigh on tech

The Dow Jones Industrial Average .DJI rose 249.59 points, or 0.71%, to 35,160.79, the S&P 500 .SPX lost 2.76 points, or 0.06%, to 4,459.45 and the Nasdaq Composite .IXIC dropped 166.59 points, or 1.22%, to 13,453.07.

NEW YORK: The tech-heavy Nasdaq dropped on Wednesday as Netflix's surprise decline in subscribers weighed on both the streaming giant and other high-growth companies, which investors feared may face similar post-pandemic performance issues.

By contrast, the blue-chip Dow was driven to a second-successive higher close by positive earnings from consumer giant Procter & Gamble PG.N and IT firm IBM Corp IBM.N. The duo rose 2.7 and 7.1% respectively.