Stocks shook off last week's Portuguese bank scare on Monday. The Dow finished the day back above 17,000 and just barely missed a record-high close.
The Dow finished 112 points higher at 17,055 after hitting a new intraday peak of 17,085 at earlier in the session.
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 closed at 1,977.
Here are some highlights from today's trading:
1. Bank bump: Citigroup ( reported )earnings that beat expectations despite a $7 billion settlement with the federal government over mortgages it sold during the financial crisis. The stock was up about 3%.
Shares of the other big banks -- JPMorgan Chase (, )Bank of America (, )Goldman Sachs ( and )Morgan Stanley ( -- also finished higher. JPMorgan and Goldman will report their second-quarter earnings on Tuesday while BofA and Morgan Stanley are on tap for later this week. \ )
Wells Fargo ( sat out the bank stock rally though. Shares were slightly lower even though it )reported on Friday earnings and revenue largely in line with Wall Street expectations.
2. Tech movers: Several well-known tech stocks were up big Monday. Netflix (Tech30) rose about 3% while , Amazon (Tech30) gained more than 2.6%. Advertising giant , Omnicom ('s Annalect subsidiary released a research report that says binge watchers are more open to ads than marketers previously thought, which may be good news for Netflix and Amazon's Prime service. )
In social media news, Facebook (Tech30) and , Twitter (Tech30) both said that the World Cup smashed activity records: Facebook said the Germany vs. Argentina championship game's 281 million interactions made it the most talked-about sports event in the site's history. Twitter said 618,725 tweets were getting sent every minute at the end of the match, a record for an event. ,
Facebook shares were up 2.3% and Twitter stock was flat.
Apple (Tech30), fresh off an upgrade from Barclays, rose 1.3%. ,
3. Pill pusher pursuit: Pharmaceutical company AbbVie ( presented a fifth, and seemingly final, offer to Irish drug maker )Shire ( 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 were flat. Shire's American shares are about 2% higher. )
Perrigo (, a U.S. generic drug company that is domiciled in Ireland for tax purposes, may also be a takeover target according to Israeli business paper Globes. The stock was up almost 8.7% to top the S&P 500 Monday. )
4. Gold bust: Gold was down 2.15% and silver prices were 2.2% lower. 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.
5. International markets: European stocks did well, with the FTSE 100 up nearly 1%. World Cup winner Germany's DAX finished more than 1.2% higher. Asian stocks finished the day mostly up, with the Nikkei up almost 1%.