July 14, 2014

The bull is back! Dow hits record high

Stocks have shaken off last week's Portuguese bank scare. The Dow is back above 17,000 and is once again at a record high.

The Dow rose more than 130 points in early trading and hit a new peak of 17,085. The S&P 500 and Nasdaq were both up more than 0.5%.

The rally comes as Goldman Sachs released an upgraded target for the S&P 500. Analysts there now think the blue chip index will hit 2050 by year's-end instead of 1900. The S&P 500 was hovering around 1.980 Monday morning.

Here are some other things to watch in today's trading:

1. Bank bump: Citigroup reported earnings that beat expectations despite a $7 billion settlement with the federal government over mortgages it sold during the financial crisis. The stock is up about 3.6%.

Shares of the other big banks -- JPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley -- were higher in early trading. These four will report their second-quarter earnings later this week.

2. Gold bust: Gold and silver prices are both down around 2.3% this morning. Gold traditionally acts as a hedge against inflation, suggesting investors are less worried about it. Meanwhile, the dollar strengthened against both the euro and the pound.

3. International markets: European stocks are doing well, with the FTSE 100 up more than 1% in afternoon trading. World Cup winner Germany's DAX is up more than 1.1%. Asian stocks finished the day mostly up, with the Nikkei up almost 1%.

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