* Netflix results lift Wall St, deal talk buoys Europe
* Threats of ECB action keep euro subdued
* Oil prices fall on rising supplies
* U.S. bond prices slip before two-year supply
(Adds opening of U.S. markets, byline; dateline previously
By Herbert Lash
NEW YORK, April 22 Global equity markets rose on
Tuesday, powered by solid U.S. corporate earnings and
deal-making activity among European drugmakers, while the euro
hovered near break-even on uncertainty whether the European
Central Bank will further ease monetary policy.
On Wall Street, the S&P 500 and the Nasdaq were on track for
a sixth straight session of gains, led by gains in technology
shares. In Europe, an index of top European shares finished up
1.4 percent, the biggest daily gain since early March.
Shares of Netflix Inc, the video streaming company,
surged 7.12 percent to $373.31 a day it reported quarterly
results that showed strong subscriber growth, a sign the
company's shares could continue to rise despite valuation
One-fifth of the companies in the S&P index have reported
first-quarter earnings so far, and 63 percent of those have
topped analysts expectations. The rate is in line with a 20-year
average but down a bit from the 66 percent average of the past
"The season has been better than many have feared, which is
helping investors feel comfortable with the pace of economic
growth, not just in the first quarter but going forward," said
Joseph Tanious, global market strategist at J.P. Morgan Asset
Management in New York.
Shares of social media companies gains after Credit Suisse
upgraded its recommendation on Facebook Inc to
"outperform." Facebook rose 2.1 percent to $62.54.
The Global X Social Media Index ETF rose 1.4
percent, with Twitter Inc up 1.2 percent, LinkedIn Corp
up 1.5 percent, and Yelp Inc up rose 1.0
The Dow Jones industrial average rose 65.7 points or
0.4 percent, to 16,514.95. The S&P 500 gained 6.8 points,
or 0.36 percent, to 1,878.69 and the Nasdaq Composite
added 29.607 points, or 0.72 percent, to 4,151.153.
MSCI's all-country stock index rose 0.53
percent, while the FTSEurofirst 300 index of top
European shares provisionally closed up 1.4 percent at 1,346.94
AstraZeneca jumped 4.7 percent in London after the
Sunday Times newspaper reported Pfizer had approached
its British rival with a 60 billion pound ($101 billion)
GlaxoSmithKline rose 5.2 percent after it agreed to
sell its oncology products to Novartis for $14.5
billion, while buying the Swiss firm's vaccines, excluding flu.
Novartis' shares were up 2.5 percent.
Investors trimmed their positions of U.S. dollars after a
two-week run higher, unmoved by data on U.S. existing home sales
for March that beat expectations but showed a modest decline
from the prior month.
The euro gave up some of its modest gains, but remained
slightly positive against the greenback and yen.
The euro slipped to a two-week low of $1.3783 at one
point, before trading 0.01 percent higher at 1.3792.
ECB executive board member Benoit Coeure said on Tuesday
that there was further margin to reduce the main interest rate
below 0.25 percent and that the strength of the euro could be
keeping inflation too low.
But until the ECB takes action, traders said the euro was
unlikely to weaken much, thus keeping it tied to a range.
The dollar was steady at 102.62 yen.
Brent oil fell and the U.S. benchmark posted a sharper
decline on forecasts of rising crude stocks, but a faltering
pact to ease tensions in Ukraine offered some support.
Brent crude was down 51 cents at $109.44 a barrel,
after reaching a six-week high of $110.36 last week. U.S. crude
slipped $1.53 cents to $102.84 a barrel.
U.S. Treasuries prices fell, with benchmark yields at their
highest level in two weeks, in advance of an auction of $32
billion in two-year notes, the first part of this week's $96
billion in coupon-bearing supply.
Benchmark 10-year Treasuries notes last traded
6/32 lower in price to yield 2.7424 percent,
(Reporting by Herbert Lash; Additional reporting by Marius
Zaharia in London; Editing by Leslie Adler)