NEW YORK (CNNMoney)
The Dow is up more than 125 points in early trading and hit a new peak of 17,085 at one point. The S&P 500 and Nasdaq are both up around 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 1980 Monday morning.
Here are some other things to watch in today's trading:
1. Bank bump: Citigroup (C) 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%.
Shares of the other big banks -- JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) -- were higher in early trading. These four will report their second-quarter earnings later this week. Wells Fargo (WFC) was slightly lower even though it reported earnings and revenue largely in line with Wall Street expectations on Friday.
Related: Read more about Citi's settlement here
2. Pill pusher pursuit: Pharmaceutical company AbbVie (ABBV) presented a fifth, and seemingly final, offer to Irish drug maker Shire (SHPG) in a bid to move lower its tax liability. The magic number that charmed Shire's board into recommending shareholder approval is about $54 billion, 35% higher than the original offer. Abbvie's shares are down about 1%. Shire's American shares are up more than 2%.
Related: Higher price tag no impediment to a lower tax burden for AbbVie
3. Gold bust: Gold and silver prices are both down around 2.2% this morning. Gold traditionally acts as a hedge against inflation, suggesting investors may be less worried about it. Meanwhile, the dollar strengthened against the pound but weakened against the euro.
4. International markets: European stocks are doing well, with the FTSE 100 up nearly than 1% in afternoon trading. World Cup winner Germany's DAX is up more than 1%. Asian stocks finished the day mostly up, with the Nikkei up almost 1%.
First Published: July 14, 2014: 9:58 AM ET
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