Midday Update: Stocks Rally On Citi Earnings Beat, Pharma Mergers

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The Dow Jones Industrials Average hit another record high on Monday, led by gains in banking stocks as well as a flood of merger activity in the pharmaceutical sector. Shares of Citigroup ( C ) are nearly 4% higher after the banking giant reported better-than-expected earnings, overshadowing its $7 billion settlement with the U.S. Justice Department and fueling a triple-digit gain in the blue-chip index.

Also aiding the rally across Wall Street are cheaper energy costs as the price of oil fell to a nine-week low, declining for the ninth time in 11 trading days. Gold also slipped to its lowest price in over three weeks at $1,302 per ounce as demand for riskier assets reignited.

European markets got a boost as worries over the fall-out from the missed debt payment from Portugal's Banco Espirito Santo were calmed. German's celebrated their World Cup win by sending the DAX-100 more than 1% higher, outperforming its European counterparts.

Crude oil was down $0.15 to $100.68 per barrel. Natural gas was down $0.02 to $4.11 per 1 million BTU. Gold recently was down $28.70 to $1,308.10 an ounce, while silver was down $0.51 to $20.96 an ounce. Copper was down $0.01 to $3.26 per pound.

Among energy ETFs, the United States Oil Fund was unchanged at $37.16 with the United States Natural Gas Fund was down 0.48% to $22.74. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 2.08% 26.73 while SPDR Gold Shares was down 2.31% to $125.81.The iShares Silver Trust was down 2.48% to $20.06.

Here's where the U.S. markets stand at mid-day:

NYSE Composite Index up 64.61 (+0.59%) to 11,000.96

Dow Jones Industrial Average up 132.13 (+0.78%) to 17,075.94

S&P 500 up 10.74 (+0.55%) to 1,978.31

Nasdaq Composite Index up 29.04 (+0.66%) to 4,444.53

GLOBAL SENTIMENT

Nikkei 225 Index up 0.88%

Hang Seng Index up 0.49%

Shanghai China Composite Index up 0.96%

FTSE 100 Index up 0.84%

CAC 40 up 0.78%

DAX up 1.21%

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.40%

NYSE Financial Sector Index up 0.81%

NYSE Healthcare Sector Index up 0.30%

UPSIDE MOVERS

(+) PGNX (+8.96%) FDA approved Salix Pharmaceuticals ( SLXP ) and Progenics Pharmaceuticals' RELISTOR.

(+) EXEL (+9.77%) Positive results on Phase 3 Trial of melanoma treatment.

(+) PCYO (+7.68%) Settles litigation with litigation Colorado's State Land Board.

(+) BTX (+7.41%) Issued 14 patents in regenerative medicine.

DOWNSIDE MOVERS

(-) HLIT (-10.52%) Cuts Q2 guidance below prior view, street estimates.

(-) GTAT (-4.74%) CLSA downgrades earnings estimates based on decline in sapphire production.

(-) RVBD (-5.55%) Lowers Q2 guidance below street, sees EPS at lower end of outlook.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: C , SLXP

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