Market Wrap: 'Merkozy' Steps Up; Sprint Sinks; Another iPhone Record; Netflix Changes Tune... Again

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October 10, 2011 5:43 PM EDT
Market wrap-up for October 10th

End of the Day: Dow Jones up 330 to 11,433.18; Nasdaq up 86.7 to 2,566.05; S&P 500 up 39 to 1,194.89

The following is a brief summary of events moving markets today:
  • 'Merkozy' comes to the rescue: Stocks closed very sharply higher as German Chancellor Angela Merkel and French President Nicola Sarkozy promised a "comprehensive response" to capitalize banks by the end of the month. As noted above, the Dow closed 330 points, or almost 3 percent, better on the session.

  • Apple's iPhone is good... Sprint hopes: Sprint Nextel Corp. (NYSE: S) ended 7.9 percent lower following warnings of a potential downgrade by Standard & Poor's. Additionally, seven firms downgraded Sprint shares today: Deutsche Bank, Collins Stewart, Kaufman, JPMorgan, Raymond James, Mizuho and Atlantic.

  • One a day? Try one million a day!: Speaking of Apple, iPhone 4S sold about 1 million units on its first selling day. Apple affirmed this news bit earlier.

  • Qwikster, as the name implies, is gone quick: Netflix (Nasdaq: NFLX) hits new 52-week low on a wildly swinging day. At one point, Netflix was up as much as 9.6 percent, but then plunged 19.7 percent to $107.31. A downgrade at Wedbush added to downside, as did a break below the stock's 200-day smooth moving average.

  • Q3 earnings season starts tomorrow!: Third-quarter earnings season unofficially starts Tuesday when Alcoa (NYSE: AA) becomes the first Dow component to report. Alcoa will share its quarterly earnings results after the market closes. Click here for a preview and color on potential Alcoa results as aluminum prices weigh.
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