Investors celebrated Tax Day with a broad-based rally and the S&P 500 closed at its highest level in nearly seven years, boosted by Citigroup's strong earnings report and a surge in M&A activity. "Expectations for this quarter are quite low and so far everything has beat, which has given the market a boost," said Barry Hyman, market strategist at EKN Financial.
The dollar gave up more ground to the euro, which climbed to within one cent of its all-time high, and the pound neared $2 Monday. Movement against the dollar could drive up the price of exports and tighten the pinch for travelers to Europe just as the tourist season approaches.
The Australian dollar climbed to a fresh 17-year peak against the U.S. dollar on Monday, buoyed by gains against the Japanese yen after the weekend Group of Seven ministers meeting appeared unconcerned about carry trades.
China will not participate in discussions on the global economy at a meeting of Group of Seven (G7) nations this weekend despite being invited to do so, a German finance ministry official said on Tuesday.
The outlook for equities is positive next week provided there is no ‘significant weakness’ in U.S. first quarter earnings, Mislav Matejka, European Equity Strategy at JP Morgan, tells CNBC.com.
Falling oil and weaker global markets are the backdrop for a likely lower opening in U.S. stocks this morning. Saudi Arabia's oil minister Ali Naimi knocked the wind out of oil prices early today. In an interview with the Wall Street Journal, Naimi said he was satisfied with market conditions and that OPEC may not need to change output.
Currency issues are expected to take center stage this weekend as finance ministers and bankers from the world’s seven richest nations gather for a meeting in Essen, Germany. Weakness in the Yen will likely spark a debate involving Germany, who wants the G-7 nations to prevent hedge funds from having too much influence over currency markets.
Robert Hormats--who served on the National Security Council during President Gerald Ford’s administration--appeared on “Morning Call” to give his take on the 38th president of the U.S. As we’ve been reporting all morning, President Ford died last night at the age of 93. “He may not have been the greatest president in this country’s history,” Hormats said, “but he was certainly one of the most decent.”