Indices Celebrate Columbus Day with 3% Gains (NFLX, S)

The week got off to a strong start, celebrating Columbus Day with over 2-3% increases on all the major indices. The Dow Jones gained 330 points, while the Nasdaq increased 87 points, or a solid 3.5%. Today’s rise was largely attributed to the promise by European leaders that they will help strengthen the banks. Netflix (NFLX), whose reputation has taken a beating due to their recent pricing hikes and changes in corporate strategy, announced a revision of their new strategy, which initially sent shares up, but by the end of the day had tumbled roughly 5%. Competing technology companies showed mixed results, as Apple (AAPL) shares jumped while Sprint (S) shares slid downward.

Word on the Street

• As Netflix reverses their plans to spin off a separate Qwikster service, how will this affect users?
• Crude oil rose to a two-week high due to increased optimism.
• Shares of Sprint (S) fell to their lowest level in over two years, as the company’s financial situation is called into question.
• Apple stock performed well as the company announced record orders for their newly released iPhone 4S.
• Reports circulated today that Yahoo (YHOO) co-founder Jerry Yang is considering taking the company private.

Interesting Tidbits

• Following from Netflix’s announcement today, here are 15 product launches that were quickly killed.
• Need help motivating your employees? Take some tips from customer service tactics.

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