U.S. stocks hit new record highs in the first trading day of the week. Cable stocks, however, fell on net neutrality comments by President Obama. Bobbi Rebell reports.
Hello and happy Monday- traders were greeted by new highs during the first trading session of the week- helped by strong railroad shares. The major U.S. indexes all closing with gains. The standout losers though- cable stocks like Time Warner and Comcast . President Obama called for equal treatment of all Internet traffic, coming out strongly against deals that grant faster speeds to content providers willing to pay premiums- pushing for broadband providers to be regulated like a public utility. It was a teen scream after several brokerages cut their price targets and outlooks on teen retailers- Abercrombie & Fitch, American Eagle Outfitters and other teen apparel retailers all out of fashion with investors. GM shares slid. A new report showed General Motors ordered half a million replacement switches almost two months before it told federal safety regulators about the issue. The faulty switches have been linked to 32 deaths deemed eligible for compensation and led to the recall of 2.6 million vehicles this year. Investors bought shares of Toll Brothers. Quarterly revenue jumped 29 percent at the largest U.S. luxury homebuilder. Toll sold more homes at higher prices. In Europe, M&A activity in the oil services sector boosted stocks.