Stock Market Today: Dow Surges Above 17,000 as Citigroup Tops Street
Driving factors behind Monday momentum were twofold: Citigroup
The Dow hit an intraday record high of 17,088.43 before settling 0.66% higher to 17,056. The S&P 500 climbed 0.48% to 1,977.1, while the Nasdaq gained 0.56% to 4,440.42 This marks the second consecutive session of advances for benchmark indices, though Friday's gains were minor .
Citigroup beat second-quarter earnings estimates, helping to push shares up 3% to $48.42. The bank reported adjusted earnings of $1.24 a share vs. the consensus estimate of $1.05. Citigroup also announced a $7 billion settlement with U.S. authorities over the investigation of its sales of mortgage-backed bonds.
Citigroup's peers rallied in response to the upbeat report. Bank of America
M&A activity was also seen in the energy sector after Whiting Petroleum
Markets in Europe and Asia were also back in positive territory on Monday. "Reassured that systemic risks from Portugal are very limited, even in a worst case scenario, the dust settled somewhat Friday after Thursday's market tremors," wrote Michala Marcussen, global head of economics at Societe Generale .
As the economy continues to improve and labor market trends point higher, Gina Martin Adams, Wells Fargo Securities' institutional equity strategist, is expecting the S&P 500 to post 6.5% year-over-year EPS growth for the second quarter, up from the 3.3% reported in the first quarter and 3.9% a year ago. Fifty-nine S&P 500 companies are scheduled to report this week.