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Stock Market News, July 14, 2014: U.S. markets rallied on Monday as concerns over European debt subsided and investors took a more optimistic stance on second-quarter profit season. The financial sector led the charge ahead of their earnings this week. Bank of America Corp. (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM), and Goldman Sachs Group Inc. (NYSE: GS) were all up more than 1% on the day.
Here's the scorecard from today's trading session:
Dow: 17,055.42, +111.61 (0.66%)
Nasdaq: 4,440.42, +24.93 (0.56%)
S&P 500: 1,977.11, +9.53 (0.48%)
And here are the top stock market news stories of the day:
- Financials First: Shares of Citigroup Inc. (NYSE: C) were up nearly 3% on the day, after the company beat earnings estimates for the second quarter. The earnings announcement is ideal timing for Citigroup, as the company just announced it will pay $7 billion to settle regulatory charges within its mortgage-lending services prior to the financial crisis.
- Auction Audible: Shares of Sotheby's (NYSE: BID) rose more than 1% on news that the auctioneer has partnered with eBay Inc. (Nasdaq: EBAY) to make art and other alternative collectibles from the company's live auctions in New York available to eBay's 145 million users. Financial terms of the deal were not released.
- Central Planners: Shares of Tesla Motors Inc. (Nasdaq: TSLA) surged nearly 4% today on news that China will mandate that at least 30% of government vehicles must be electric. Barron's broke the story this morning, which also led to a 24% pop today for Chinese vehicle maker Kandi Technologies (Nasdaq: KNDI).
- Merger Mania: Shares of construction-management firm URS Corp. (NYSE: URS) spiked more than 11.5% on news that it would be acquired by Aecom Technology Corp. (NYSE: ACM) for nearly $4 billion. Aecom also saw its shares jump, rising 9% on the day after the details of the deal emerged.
- Bakken Bonanza: In a deal that rocked the energy world, Whiting Petroleum Corp. (NYSE: WLL) struck a new 52-week high, surging more than 7.5% after purchasing its smaller Bakken rival Kodiak Oil & Gas Corp. (NYSE: KOG) for $6.0 billion in cash and debt assumption. Shares of Kodiak were up more than 4.5% on the day.
- After the Bell: Tech giant Intel Corp. (Nasdaq: INTC) will announce second-quarter results after the close of trading on Tuesday. Investors are starting to grow concerned about the company's ability to weather the massive transitions taking place in consumer electronics. The stock is trading at a 52-week high, and analysts expect earnings of $0.52 a share, up from $0.39 a share in the same period a year ago.
Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only:
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.