Budget Deal Hopes Push Markets Higher on Monday (NFLX, AAPL)
PUBLISHED ON: Oct 14, 2013
Several signals of progress in Washington pushed stocks higher on Monday. There are just three days before the US hits the debt ceiling and investors are betting that a deal will soon be reached. Netflix (NFLX) was trending today on word that the company may be negotiating a cable deal with major operators in the US. Macy's (M) announced that they will be opening on Thanksgiving for the first time. Expedia (EXPE) fell almost 7% on a recent stock downgrade.Many are looking ahead to quarterly reports from Citigroup (C), Coca-Cola (KO) and Intel (INTC), all scheduled for Tuesday. The Chinese yuan hit a new record high against the dollar while the US currency reached an intraday high against the Japanese yen.
Word on the Street
- Progress possible in Senate, leaders optimistic that a debt deal may be reached.
- Shares of Netflix (NFLX) jump 5% on talks of US cable options.
- Chinese inflation reaches a seven-month high on higher food prices and drop in exports.
- Apple (AAPL) notes that iPhone 5C inventory is moving, and 5S supply is tight.
- Eurozone industrial output rebounds and spurs hope for higher economic growth.
- Gilead Sciences (GILD) Rallies After Ending a Late-Stage Trial Ahead of Schedule.