US stocks extended gains on Monday on several better-than-expected earnings results. Once again both the S&P and Dow climbed to record closing highs. Citigroup (C) gained more than 2% after reporting a big jump in profit. Boeing (BA) regained some of its losses seen on Friday. Shares of Dell (DELL) tumbled after T. Rowe Price reiterated its negative position against plans to take the company private. It was announced that in the US consumer spending was slightly weaker than expected and that compared to one year ago, economic growth slowed somewhat during Q2.
Word on the Street
- US economy slows sharply and is close to contraction in Q2.
- Retail sales low as consumers spent cautiously in June.
- Citigroup (C) reports higher earnings and revenue for the second quarter.
- GDP growth in China slows to 7.5% but is in line with expectations.
- Verizon Wireless (VZ) Could Owe Apple (AAPL) $14 Billion.
- Oil rises to $3.61 a gallon after news of Chinese economic data.