Nasdaq Jumps Toward Record and Faangs Gain

Tech traders who spent the last few days worrying about what Netflix Inc.’s earnings would hold should’ve been thinking about something else: Jay Powell’s congressional testimony. After starting the day in the red after Netflix bombed on subscriber growth, the Nasdaq Composite Index rebounded before noon and closed at a record, along with Amazon.com Inc., Facebook Inc. and Google parent Alphabet Inc. The index’s jump coincided with Federal Reserve chairman Powell’s comments suggesting the pace of interest rate increases could be slowed down if needed.