Stocks pushed confidently higher Thursday as the three benchmark indexes all secured new intraday records. The Dow Jones Industrial Average was pushing up close to 22,700 points with gains near 0.2%. The S&P 500 gained about 0.2%, while the Nasdaq surged near 0.3%.
All three major indexes are on track to close at records yet again Thursday. If the momentum continues throughout the rest of the trading session, the Dow will snag its fourth consecutive record. The Nasdaq would grab a fifth consecutive record. And the S&P 500 would secure its sixth consecutive record, on track for its longest winning streak in two decades.
L Brands (LB) shares were falling midday even after the Victoria's Secret parent company reported improving comp sales trends. Although September same-store-sales declined a whole 2%, that's half the rate of decline from August. Overall sales gained about 1.1%, but the company said hurricanes battered sales figures by a full percentage point. But even worse for sales was L Brands decision to exit the swim and apparel categories. That call hit same-store-sales by three percentage points.
And finally, there's some bad news for Netflix (NFLX) bingers like me out there. If you subscribe to HD or 4K services, your wallet is about to get a little thinner. Netflix is increasing its HD prices to $11 per month, up from $10. And 4K streaming will soon cost $14 per month, up from $12. Those of you with a basic subscription plan will keep the $7.99 bill. But don't get too upset over the move. Netflix is hiking prices so it can fatten margins to pay for the smash hit original content we all love.
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