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Markets Crank Up on Greece Hopes, Netflix Rips to New Highs


Today's financial recap and tomorrow's financial outlook.

US markets broke their sideways grind today on encouraging news about Greece.

A Bloomberg report stated that Germany may consider offering Greece aid in return for committing to at least one economic reform. A government spokesman told Reuters that Germany will only accept a deal that's gained the approval of all parties involved.

The S&P 500, NASDAQ, DJIA, and Russell 2000 all rallied well over 1%, while the VIX fell 8.4% to 13.25.

Oil prices rallied again today after data showed a much bigger than expected draw in domestic crude stockpiles. Crude oil inventories fell by 6.8 million barrels last week, nearly four times the expected 1.7 million barrels.

US bond yields rose to their highest level in more than eight months. The rise in yields helped pushed up financials, with most major banks hitting new 52-week highs.

All sectors finished green today.

Emerging markets, technology, and cybersecurity were ahead of the crowd slightly.

Netflix (NFLX) set a new all-time high today at $692.79 after receiving a price target increase to $722 from $600 from UBS. CEO Reed Hastings stated yesterday that he has gained board approval to increase the number of shares issued from 170 million to 5 billion, which would open the doors for a stock split. Marriott (MAR) also announced that its hotels will offer Netflix access.

Ambarella (AMBA) once again set a new all-time high today, reaching $115.16 intraday. However, it did cool and finish down 1.0%.

European markets rallied on the aforementioned Greece news. Italy's MIB surged 2.5%, and the German DAX gained 2.4%.

Asian markets were mixed today as MSCI decided not to include China A-shares in its emerging markets index as some had hoped.

The Nikkei and Shanghai Composite were flat. Hong Kong's Hang Seng Index finished down 1.1%. Meanwhile, Taiwanese and Indian markets rallied.

Thursday's Financial Outlook

US economic data for tomorrow will include retail sales, import prices Indices, jobless claims, EIA natural gas inventories, and household change in net worth.

Overseas economic data will feature Chinese Industrial Production and Retail Sales.

After the close tomorrow, Bojangles (BOJA), Korn/Ferry (KFY), and Restoration Hardware (RH) will report earnings.
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