Wall Street moves higher on Brexit deal, robust earnings

NEW YORK: US stocks rose on Thursday, supported by Netflix and Morgan Stanley following upbeat reports, with investors also cheering Britain’s preliminary last-minute deal with the European Union.

British Prime Minister Boris Johnson said “we have a great new Brexit deal,” lifting the mood across global equities, but he still faces a tough vote in parliament on Saturday.

“It seems as if the Brexit deal is being viewed as a modest positive by investors but along with the tentative U.S.-China trade deal, the devil is in the details,” said Michael Geraghty, equity strategist at Cornerstone Capital Group in New York.

“From where we are right now investors are viewing the glass as half full.”

Netflix Inc (NFLX.O) shares jumped 4.8%, after the video streaming service provider added slightly more paying subscribers than Wall Street expected in the third quarter.

The stock helped the communication services sector .SPLRCL gain 0.7%, the biggest among the 11 major S&P 500 sectors trading higher.

Morgan Stanley (MS.N) climbed 3.6% after the bank beat analysts’ expectations for quarterly profit, buoyed by higher revenue from bond trading and M&A advisory fees.-REUTERS

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