Dow ends higher for second day, but S&P 500 and Nasdaq fall

Major U.S. stock indexes finished mostly lower on Wednesday, with the Nasdaq Composite pulled down by tumbling shares of Netflix a day after the streaming service reported a net loss of 200,000 paid subscribers in the first quarter. The Dow Jones Industrial Average gained about 250 points, or 0.7%, ending a second day in a row higher near 35,160. The S&P 500 index shed 0.1%, while the Nasdaq closed 1.2% lower. Investors remain focused on quarterly earnings season, looking for hints as to how big companies and consumers have been managing inflation at a 40-year high. San Francisco Federal Reserve president Mary Daly said Wednesday the central bank should act quickly to move its policy rate to neutral levels, or 2.5% according to most forecasts. The Fed’s Beige Book report also showed expectations for inflation to continue running hot in the coming months.

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