Economy

S&P 500, NASDAQ, Dow Surged to Record Highs on October 6

S&P 500, NASDAQ, Dow Surged to Record Highs on October 6

Higher interest rates tend to help financial stocks on the expectation that banks will make bigger profits from lending, and financials in the S&P 500 rose 1 percent.

The Dow Jones increased 9 points to begin the day at 22,671 points. The small-cap Russell 2000 rose 0.3 percent.

The S&P 500 rose 14.33 points, or 0.6 percent, to 2,552.07.

Netflix Is Doing Another Price Hike, Unfortunately
Although in somewhat of a classy move, Netflix was raising the price gradually, something they called "un-grandfathering". Netflix's 4K streaming plan, which provides higher-quality content, will cost $14 per month, a $2 increase.

The declines were spread across the stock market on Friday morning, with most sectors of the S&P lower. USA stock indexes peeked higher in morning trading on Thursday, Oct. 5, 2017, and if the Standard & Poor's 500 maintains its slight gain, it would mark the longest winning streak for the index in four years. The index was also on track to complete an eight-day winning streak. Plus, the better-than-expected August trade balance and factory orders data added momentum to the market.

The three major indexes hit record-highs on Wednesday, following encouraging data on the services sector.

"Nobody likes to buy at all-time highs, but with the prospect of it going higher, you're missing out, so you have to do some buying to stay competitive", Pavlik said. Meanwhile, the trade deficit shrank by 2.7% to United States dollars 42.4 billion in August.

Nobel Prize 2017: Cryo-Electron Microscopy Developers Trio Honoured With Chemistry Award
The discovery of a way to see complex biological molecules in atomic resolution has won this year's Nobel prize in Chemistry. Dubochet, who is Swiss, is an honorary professor of biophysics at the University of Lausanne.

Helping banks, Randal Quarles was confirmed as vice chair of the Federal Reserve. The benchmark 10-year yield advanced to 2.388 percent, while the two-year yield rose to 1.52 percent, notching its highest level since 2008.

Constellation Brands was close behind after it reported stronger earnings for the latest quarter and raised its forecast for upcoming profit.

On October 5, the S&P 500 opened the day higher and rose to new record highs.

Paramount Gains Rights to Sonic the Hedgehog Movie
But despite his wide appeal and iconic status, one thing we have never seen: Sonic the Hedgehog in is a feature-length film. Paramount Pictures has taken on the " Sonic the Hedgehog " hybrid movie based on the popular video game character.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored advancers. That compares with the 6.2 billion daily average for the past 20 trading days, according to Thomson Reuters data.


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