EYES ON EARNINGS: With the market trading near all-time highs, investors will be focused this week on a slew of corporate earnings, including quarterly reports from General Electric, Google, Bank of America and Johnson & Johnson. “The earnings numbers are expected to be pretty good,” said Phil Orlando, chief equity strategist at Federated Investments. “We got started off with a very good report out of Citibank this morning. And economic news this week retail sales, capacity utilization, housing data, confidence data is all supposed to be pretty good.” CITI: Citigroup’s adjusted earnings and revenue came in better than analysts had estimated. The bank also agreed to pay $7 billion to settle a federal investigation into the mortgage bonds it sold ahead of the financial crisis in 2008.
Stocks move higher in midday trading; Citi climbs – Yahoo official site News
The MSCI International ACWI Price Index rose 0.5 percent on the day. The Dow Jones industrial average gained 77.33 points, or 0.45 percent, to 17,138.01, the S&P 500 rose 8.26 points, or 0.42 percent, to 1,981.54 and the Nasdaq Composite added 9.58 points, or 0.22 percent, to 4,425.97. The U.S. 10-year Treasury note rose 5/32 in price, yielding 2.5323 percent.
Stocks around the world rally on China growth data – Yahoo News
“There’s a lot of good news to go around today, but given all the worries there were about China, the data there is especially a positive,” said Nicholas Colas, chief market strategist at the ConvergEx Group in New York. The MSCI International ACWI Price Index rose 0.4 percent on the day. Equity prices have stalled recently, with many indexes at record or multi-year highs, as investors questioned whether fundamentals justified the levels. On Tuesday, shares dipped after U.S.
Closing Bell, July 16 – Business Insider
Investors drove Time Warner’s stock up 17 percent on news that Twenty-First Century Fox made a takeover bid for the media giant. Other deals involving Apple and IBM as well as slot machine maker International Game Technology also helped lift the market. “It’s a continuation of what we’ve really been seeing this year, and it’s almost a record amount of (mergers and acquisitions) going on,” said David Chalupnik, head of equities at Nuveen Asset Management. Momentum from Intel’s strong second-quarter earnings late Tuesday and news that Apple and IBM are teaming up to sell more iPhones and iPads to corporate customers helped lift major stock indexes in premarket trading.
US stocks close higher; Time Warner soars – The Denver Post
The sharp rebound in manufacturing in February in March left the sector well positioned heading into Q2. Following the report, our Q2 GDP tracking estimate remained at 3.0%, in line with our revised forecast for second-quarter growth.” 5) Federal Reserve Chair Janet Yellen was on Capitol Hill for the second straight day, this time speaking in front of, and taking questions from, the House Committee on Financial Services. 6) The Federal Reserve also released its latest Beige Book report , a collection of economic anecdotes from across the country. The report showed that the economy showed “modest growth” in most of the Fed’s regions. From the Beige Book,”The pace of economic growth was characterized as moderate in New York, Chicago, Minneapolis, Dallas, and San Francisco, while the remaining Districts reported modest expansion.