Stocks had a stellar day.
First, the scoreboard:
- Dow: 16,695.4 (+112.1, +0.68%)
- S&P 500: 1,896.6 (+18.1, +0.97%)
- Nasdaq: 4,143.8, (+71.9, +1.77%)
And now the top stories:
- India's BSE Sensex hit a record high on Monday after exit polls showed opposition leader Narendra Modi and his Bharatiya Janata Party (BJP) will win the Indian elections.
- At 2:30 p.m. ET we saw the Treasury Budget posted a $107 billion surplus in April, which suggests the federal government is on track to lower its annual deficit. The Congressional Budget Office projects the deficit will shrink to $492 billion during the fiscal year that began in October, compared with the $680 billion deficit in 2013.
- Morgan Stanley's Katy Huberty lowered her 2014 tablet growth forecast to 12% from 26% "on the back of increasing penetration rates and the lack of new, differentiated products." Android tablets have done better than iOS tablets "on the back of lower price points and broader product portfolios."
- In the U.S., stocks were hitting record highs on Monday, and in his NYSE MAC Desk Mid-Day update note, Rich Barry, points out five reasons why this might be: 1. "The short sellers clearly piled-on the big momentum/high beta names last week;" 2. "Bonds yields are higher across the globe as investors pull back on the 'flight-to-safety trade' and add to risk positions;" 3. "Stock indices across Europe, China and India had a strong showing overnight;" 4. "Geopolitically, the Ukraine situation is relatively quiet, despite the EU declaring the recent referendum illegal;" 5. "Profits from the current reporting period have exceeded expectations, while the outlook for the U.S. economy appears to be increasingly positive;" 6. "The global economy is accelerating, central banks are dovish, companies are making acquisitions and it’s hard to see what could keep the market down from current levels."
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