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.