What the Stock Market Did Today: Nasdaq Hits Record High

For July 16, 2015, here's what the stock market did today, the top stock market news, and stocks to watch based on today's market moves...

How Did the Stock Market Do Today?

Dow Jones: 18,120.25; +70.08; +0.39%

S&P 500: 2,124.29; +16.89; +0.80%

Nasdaq: 5,163.18; +64.24; +1.26% [RECORD HIGH]

The DJIA today rose 70 points after companies reported strong earnings and concerns about Greece abated due to the country's parliament voting in favor of austerity measures to receive its bailout. Greece officials announced that the nation's banks will reopen on Monday and that it is looking for ways to allow citizens to bunch 60-euro withdrawals over the next few days.

The S&P 500 Volatility Index (VIX), the market's fear gauge, slipped 8.4%.

Top Stock Market News Today

• Markets Listen to Yellen: U.S. Federal Reserve Chairwoman Janet Yellen told the Senate Banking Committee today that raising interest rates too soon could be detrimental to the U.S. economy, but also suggested that waiting too long could fuel increased inflation and possibly overheat the U.S. economy. Yellen said that the central bank plans to hike rates in a "prudent and gradual manner."

• Nasdaq Hits Record: The Nasdaq hit a record high as several staple equities reported stronger than expected earnings in the second quarter, propelling the tech-heavy index up another 1% on the day. After the bell today, Google Inc. (Nasdaq: GOOG, GOOGL) will report second-quarter earnings. The technology giant is expected to report earnings of $6.70 per share, up from $6.08 a share in 2014. See a full earnings preview for Google stock here.

• On Tap Tomorrow: On Friday, a round of critical economic data will complement a number of key earnings reports in the technology and manufacturing sectors. Investors will be looking for momentum in the housing markets as construction starts are reported this morning. Consumer price sentiment and CPI data round out a busy day. Companies reporting earnings tomorrow include General Electric Co. (NYSE: GE), Honeywell International Inc. (NYSE: HON), Kansas City Southern (NYSE: KSU), Knoll Inc. (NYSE: KNL), SunTrust Banks Inc. (NYSE: STI), Synchrony Financial (NYSE: SYF), and W. Grainger Inc. (NYSE: GWW).

Stocks to Watch: NFLX, GRPN, EBAY, GRMN, PM, FIT, AAPL

• Stocks to Watch No. 1, NFLX: Shares of Netflix Inc. (Nasdaq: NFLX) surged another 18% on news that the company added 3.28 million subscribers in the second quarter. The firm reported that quarterly revenue increased from $1.34 billion to $1.64 billion. Investors: Is Netflix stock a buy? Find out here in our new analysis.

• Stocks to Watch No. 2, GRPN: Shares of Groupon Inc. (Nasdaq: GRPN) were up 3.4% on news that the company has acquired on-demand food ordering firm OrderUp. The deal provides Groupon with a significant boost in its presence in the $70 billion food ordering and delivery sector. Terms of the deal were not disclosed, but the acquisition is another positive step for Groupon as it continues to transition away from daily deals in order to create an "e-commerce marketplace."

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• Stocks to Watch No. 3, EBAY: Shares of eBay Inc. (Nasdaq: EBAY) continued to climb this afternoon, adding 3.4% after the firm beat Wall Street revenue estimates. The company said it will spin off its payments business PayPal on Friday and add another $1 billion to its stock buyback program. PayPal will trade under the ticker "PYPL" on the Nasdaq. EBay officials first announced the PayPal spin-off in September 2014, but the board didn't formally approve the deal until late June. So, is PYPL stock a buy after the PayPal spinoff? Take a look here at our just-released stock udpate.

• Stocks to Watch No. 4, GRMN: Shares of Garmin Ltd. (Nasdaq: GRMN) cratered more than 7.1% on news that the company reported weaker than expected earnings. The firm said that currency fluctuations and increased marketing costs affected the company's revenue. But the biggest red flag for the company was its statement that it is seeing pressures in a "competitive environment in the fitness market." That's a direct reference to the increasing popularity of firms like Fitbit Inc. (NYSE: FIT) and Apple Inc. (Nasdaq: AAPL), which have been poaching the smart-tech and fitness tech industry. Fitbit stock is near record highs, while Apple stock is gaining positive momentum after a difficult string of sessions last week.

• Stocks to Watch No. 5, PM: Shares of Philip Morris International Inc. (NYSE: PM) popped 3.1% to $85.15 after the global cigarette purveyor posted comfortably better than expected second-quarter results. The company also announced plans to boost its research with sister company Altria Group Inc. (NYSE: MO) to develop products for the fast-growing e-cigarette market. Altria will bring the products to U.S. markets, while Philip Morris will handle markets outside the United States, where it sells traditional tobacco products. As we explained earlier today, the company's strong quarterly results and big plans to push into a fast-growing sector is sending "Buy" signals. Learn more about the benefits of investing in Philip Morris stock right here.

What Investors Must Know This Week

• The Top Three High-Return Investments to Buy Today

• Is Netflix Stock a Buy After Stock Split and Earnings Beat?

• The Real Impact of the Iran Nuclear Deal on U.S. Oil Prices

Stay informed on what's going on in the markets by following us on Twitter @moneymorning.