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Three main benchmarks achieve sixth straight weekly gain

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Netflix ( NFLX ) jumps on growth forecast

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CVS falls after replacing CEO

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American Express ( AXP ), SLB down following results

(Updates to close)

By David French

Oct 18 (Reuters) -

The S&P 500 and the Nasdaq ended higher on Friday, boosted

by an earnings-driven jump in Netflix ( NFLX ) shares and broader gains

across technology stocks.

All three major Wall Street benchmarks comfortably secured a

sixth straight weekly gain, with the Dow Jones Industrial

Average closing largely unchanged a day after posting a record

closing high.

Shares of Netflix ( NFLX ) jumped after the streaming giant

topped Wall Street estimates for subscriber additions and said

it expected continued growth through the end of the year.

Many of the so-called Magnificent Seven tech stocks, which

have driven much of Wall Street's rally this year, rose.

Apple ( AAPL ) gained after data showed a sharp increase in

new iPhone sales in China, while chip heavyweight Nvidia ( NVDA )

advanced after BofA Global Research hiked its price

target on the stock.

Netflix's ( NFLX ) increase lifted the communication services sector

, making it the largest gainer among the 11 S&P 500

sectors, while information technology rose.

"It's kind of the 'what's not to like' market," said David

Waddell, chief executive of Waddell & Associates, citing

positive economic data, disinflation and upbeat earnings and

forecasts from corporate America.

According to preliminary data, the S&P 500

gained 23.05 points, or 0.39%, to end at 5,864.52 points,

while the Nasdaq Composite gained 115.30 points, or

0.63%, to 18,488.91. The Dow Jones Industrial Average

rose 37.96 points, or 0.09%, to 43,277.01.

The Dow was weighed down by American Express ( AXP ), which

lost ground after the credit card company's quarterly revenue

missed estimates.

Financial companies have had a broadly positive earnings

season so far. The S&P Banks index slipped slightly

though, ending its string of wins at five.

The upbeat earnings of financial companies, and broadly

positive economic data, have helped sustain the three main

indexes' grind upwards in recent days.

However, stretched valuations - the S&P 500 is trading at

nearly 22 times forward earnings - along with high expectations

for corporate results and potential volatility around the Nov. 5

U.S. presidential election, could leave stocks vulnerable to a

pullback.

David Waddell of Waddell & Associates noted though that

strong corporate earnings could override any political

considerations or concerns about overdone valuations.

"We have gotten all we're going to get from multiple

expansion, so I think the path forward is completely reliant on

earnings," he said. "We're priced for pretty-darn-good earnings,

so it could create a disturbance if we don't get them, but

absent of recession, I think the bull is intact."

Small-cap stocks have attracted investor buying in recent

days, with both the Russell 2000 and S&P Small Cap 600

outperforming major indexes for the week. Both the

Russell 2000 and the S&P Small Cap 600 were down on Friday.

Energy was the weakest of the S&P sectors, bogged

down by lower oil prices and a decline in SLB after it

posted earnings below expectations. This dragged down fellow

oilfield services providers Baker Hughes ( BKR ) and Halliburton ( HAL )

.

CVS Health ( CVS ) slumped after it replaced CEO Karen Lynch

with company veteran David Joyner and withdrew its 2024 profit

forecast.

The news also weighed on other health insurers, including

Cigna ( CI ) and Elevance Health ( ELV ).

Meanwhile, U.S. listings of Chinese companies moved higher

after China's central bank launched funding schemes aimed at

boosting the equity market.

In economic data, single-family housing starts increased

2.7% to a seasonally adjusted annual rate of 1.027 million units

in September.