July 14th 2014 – Dow Falls Just Short Of Record Close

Market View:

That was quite the spike today, for what reason I don’t know, as Art Cashin joked on CNBC, its like peace has been announced in the Middle East!

The worries over the Portuguese Bank seem to have abated which may be fueling this rally today.  Looking at a flat to down market tomorrow I think on the back of these gains.

Market News:

U.S. stocks climbed on Monday, with the Dow industrials back above 17,000 and posting an intraday record, as investors welcomed better-than-projected earnings from Citigroup and a bout of corporate takeovers.

Citigroup gained after reporting quarterly results and after agreeing to pay $7 billion to settle government claims it misled investors about mortgage-backed bonds sold ahead of the 2008 financial crisis.

Nearly 60 companies on the S&P 500 post earnings this week, with JPMorgan Chase, Goldman Sachs Group, Yahoo and Intel among those scheduled to report results.

The markets will likely key off of comments from Janet Yellen when the Federal Reserve chair appears before Congress for two days of testimony that starts on Tuesday.

International markets: European stocks did well, with the FTSE 100 up nearly 1%. World Cup winner Germany’s DAX finished more than 1.2% higher. Asian stocks finished the day mostly up, with the Nikkei up almost 1%

Tuesday

Earnings: Goldman Sachs, Johnson and Johnson, JP MorganChase, Intel, Yahoo, CSX, Pinnacle Financial, Commerce Bancshares

8:30 a.m.: Retail sales, 8:30 a.m.: Import prices, 8:30 a.m.: Empire State survey, 10:00 a.m.: Business inventories, 10:00 a.m.: Fed Chair Janet Yellen before Senate Banking for semi annual testimony on economy

News Sources:  CNBC and CNN Money