U.S. equities bounded higher driven — and I’m not joking — by word Netflix (NASDAQ:NFLX) was going to raise the price of its most popular streaming subscription service by $1 a month. That was like a bolt of lightning right to the solar plexus of the average market bull, resulting in panicked buying and a push by the major average to fresh record highs.
In the end, the Dow Jones Industrial Average gained 0.5%, the S&P 500 gained 0.6% for its eighth consecutive gain (longest since July 2013), the Nasdaq Composite gained 0.8% and the Russell 2000 gained 0.3%. Treasury bonds weakened, the dollar was higher, gold lost 0.3% and oil was higher on reports Turkey might close its border with the Kurdish region, rising 1.6%.
Click to Enlarge Breadth was positive, with advancers outpacing decliners 1.6 to 1 on light volume, at 87% of the NYSE’s 30-day average. Technology stocks led the way, thanks to NFLX’s 5.4% rise, for a gain of 1.1%. Utilities were the laggards down 0.1%.
Biogen (NASDAQ:BIIB) gained 3.5% on an upgrade by analysts at Morgan Stanley on a belief the company’s base business is more durable than expected. GrubHub (NYSE:GRUB) fell 3.9% on a downgrade from Citigroup on worries investors could be overestimating the near-term lift to earnings.
Amazon (NASDAQ:AMZN) gained 1.6% to push back up and over its 50-day moving average and make another attempt at its $1,000-a-share level on reports it will test its own delivery services to replace functions currently carried by FedEx (NYSE:FDX) and UPS (NYSE:UPS).
On the economic front, initial jobless claims fell more than expected heading into Friday’s non-farm payroll report.
It’s becoming increasingly difficult to find things to write about discussing this market, as despite the crawl to incremental new records the action is downright boring. Not a lot of texture. Not a lot of action.
The S&P 500 bagged its sixth consecutive record high, the longest since 1997. And with just four months left in Federal Reserve chairman Janet Yellen’s term, it’s worth noting: Since she warned that “equity market valuations appear stretched” in July 2014, the S&P 500 is up 29% while the Nasdaq Composite is up 53%.
Check out Serge Berger’s Trade of the Day for Oct. 6.
Today’s Trading Landscape
To see a list of the companies reporting earnings today, click here.
For a list of this week’s economic reports due out, click here.
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