- Netflix stock is on the rise, even as the broader stock market slides amid growing fears of the coronavirus.
- Shares of the company are up about 5% this week, as of Thursday afternoon, while the S&P 500 slid around 5%.
- Netflix may be not be affected by the stock market slump, so far, because investors think the outbreak could lead people to spend more time at home — and watching the streaming service.
- Visit Business Insider's homepage for more stories.
Netflix isn't going down with the coronavirus slump.
Shares of the streaming company are on the rise, even as the stock market slides amid growing fears of the coronavirus.
Netflix stock was up about 5% this week, as of Thursday afternoon, while the S&P 500 was down around 5%.
The S&P 500 is currently on track for its worst weekly decline since the 2008 financial crisis, after new warnings from the US Center for Disease Control and the World Health Organization suggested the disease was becoming a very real threat to Western countries.
Netflix may be immune to the hit other stocks are taking, so far, because investors think an outbreak could lead people to spend more time at home — and watching the streaming service.
Netflix shares continued to rise on Thursday afternoon. The stock was trading up 2% at about $387 around 1:00 p.m. EST.
Other media stocks, including Comcast, Disney, Discovery, Fox, and Roku, dipped on Thursday afternoon. The Dow Jones Industrial Average and the S&P 500 were both down around 2%.
Netflix's stock lift also comes despite increased competition that Netflix is facing from new streaming services like Disney Plus and Apple TV Plus, and soon-to-launch platforms like Peacock and HBO Max.
Shares of Netflix are up nearly 18% this year to date, while the S&P 500 is down about 4%.
For more on Netflix's business, see our coverage on BI Prime:
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- Netflix's recruiting boss reveals the team the company is staffing up the most in 2020: Netflix's creative-production team will be its biggest hiring priority.