Tech and bank stocks drove the three big U.S. indexes to record closes. Fred Katayama reports.
Netflix rose after the markets closed Monday. The video streaming pioneer's quarterly profit more than doubled, and it added more subscribers than expected. Earlier, a rally in tech and bank stocks lifted Wall Street to record highs. And a jump in oil prices drove oil stocks higher. RegentAtlantic research director Andy Kapyrin: SOUNDBITE: ANDY KAPYRIN, DIRECTOR OF RESEARCH, REGENTATLANTIC, (ENGLISH) SAYING: "By historical standards, we are late in the game. It's very very rare for a rally to last this long. But the fact is bull markets, economic recoveries, none of these things die of old age. They require some catalyst. They require something to propel them into a bear market." Chevron and Exxon gained ground. Crude oil rallied as Iraqi forces seized the oil-rich city of Kirkuk. Apple among the biggest drivers of the Nasdaq and S&P rallies. KeyBanc upgraded the iPhone maker's shares to "overweight" from "sector weight." Nordstrom shares tumbled. The upscale retaielr suspended its search for a deal to go private. It was having trouble finding funding ahead of the holiday season. That also took down shares of Canada's Hudson's Bay, which is also considering going private. In Europe, the rally in oil prices lifted stocks in Europe. But the FTSE closed lower.