New York Report: Chipotle adds spice to Dow

SOLID earnings for a range of big companies yesterday helped to nudge New York higher, with restaurant chain Chipotle Mexican Grill and cable giant Verizon surging after reporting better-than-expected results.

The Dow Jones industrial average rose 61.81 points, or 0.4 per cent, to close at 17,113.54, while the S&P 500 index added 9.90 points, or 0.5 per cent, to 1,983.53. The Nasdaq composite rose 31.31 points, or 0.7 per cent, to 4,456.02.

Verizon Communications rose 0.6 per cent to $50.98 and Chipotle was the S&P 500’s biggest percentage gainer, up 11.8 per cent at $659.77, a day after the burrito chain reported a steep jump in profit.

Netflix, one of the market’s favourites over the past few years, fell 4.6 per cent to $431.09 as its plans to expand in Europe were seen as eroding profits.