Wall Street Rallies, Nasdaq to Close at its Highest in 14 yrs
Easing geopolitical tensions had Wall Street rallying to new highs. The Dow Jones Industrial gained 175 points, The Nasdaq closed at its highest level in 14 years. Dollar General (DG) closed more than 11 percent higher after offering to buy Family Dollar (FDO) for more than the other rival, Dollar Tree (DLTR). Airline stocks got a nice lift from falling oil prices. American (AAL), United Continental (UAL) and Southwest (LUV) all gained more than 3 percent. Homebuilder stocks also advanced. Confidence rose after the Home Builders Index for August came in at its highest level in seven months. KB Home (KBH), Hovnanian (HOV) and Ryland (RYL) are all up sharply. Google (GOOG) helped with the Nasdaq’s broad gains. The internet giant acquired start-up software developer, JetPac, which uses information taken from social-media photos to make city guide apps. The details of the deal are undisclosed. But a downgrade pushed Monster Beverage (MNST) stock lower in today’s trading. The stock is down more than 5 percent after Jefferies revised it to a 'Hold' from a 'Buy' rating. Some big names set to report earnings Tuesday include Home Depot (HD), Medtronic (MDT) and TJX companies (TJX), the operators of TJ Maxx stores. Economic reports to watch for are the CPI, Housing starts and Building permits. All will be released at 8:30 eastern, before the bell.
