Strong earnings, M&A chatter, China data combine to lift stocks

Stock futures suggest a strong open, supported by solid earnings reports, attempted M&A, and better than expected Chinese data; S&P and Dow +0.4%, Nasdaq +0.6%.

Bank of America, CSX and Intel posted notable earnings beats, while only Yahoo was unable to live up to analyst estimates.

An attempted media mega-deal is making headlines as Time Warner +15.5% premarket after rejecting 20th Century Fox's $85/share offer.

Also, Apple and IBM are each +2% after agreeing to team up to create business apps and sell iPhones and iPads to IBM’s corporate customers.

China GDP, industrial production and fixed asset investment all beat estimates, but Asian markets ended mixed; however, major European bourses are higher across the board.

U.S. Treasury prices ease off their worst levels of the session; the benchmark 10-year yield is ~2.556%.

Still ahead: NAHB housing index, EIA petroleum inventories, more Yellen testimony.

Comments (1)
  • wbcc
    , contributor
    Comments (7) | Send Message
    why do they compare all the statistics with 2007 if everything is hunkie dory
    16 Jul 2014, 09:35 AM Reply Like
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