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Markets Today: Year of the Rabbit. Ready for the bounce?
In front of the Lunar New Year ‘Communications Services’, the equity subsector which includes Netflix, lead a 1.9% gain for the S&P500 on Friday and 2.7% rise for the NASDAQ, thanks in large part to an 8.5% gain for the global entertainment provider’s significantly stronger than expected quarterly net new subscriber numbers (7.66mn against the 4.5mn street consensus). This was the S&P500’s best day in two weeks but not enough to prevent it being a down-week overall (-0.7%) though the Nasdaq managed a 0.6% weekly gain. In front of the Lunar New Year holidays though, it was Shanghai (+2.6%) and Hong Kong ... (full story)