Netflix (NFLX) jumped Wednesday after stockholders approved a proposal for the board to issue more shares. The move will see Netflix increase shares outstanding to 5 billion from the current 175 million, a step that increases the likelihood of a stock split. Stocks shook off the malaise that has hovered over Wall Street over the past few sessions, booking big gains as crude moved higher and the financial sector rallied. Crude oil held onto earlier gains after the EIA reported a decline in oil inventories of 6.8 million barrels over the past week. That was a drop quadruple what analysts had expected.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.