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%.