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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, 09:35 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
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