US Stocks traded higher last week pushing the indexes to record territory with the Dow closing above 17,000 for the first time ever, and the S&P 500 within 15 points of 2,000. The Nasdaq is 12% below the all-time high it reached way back in March of 2000, over 14 years ago. This week investors will be focused on earnings season which starts tomorrow with Alcoa.
Pfizer is abandoning their attempt to buy the British drug maker Astrazeneca. The decision ends a month-long public fight between two of the largest pharmaceutical companies in the world. Pfizer was trying to do the deal to dramatically reduce their tax liability after the passage of Obamacare.(marketwatch)
The President of the European Central Bank, Mario Draghi, announced a new round of emergency measures to get the European economy kicked started. The ECB will now begin lending money to commercial banks under the condition the commercial banks lend that money to households and companies. Draghi estimates the ECB will lend out $1 Trillion Euro's.(marketwatch)
Mercedes-Benz posted their strongest 1st half of a year ever with huge demand coming out of China and the rest of Asia. Rival premium car maker Audi is also on track for a record sales year. That comes on the back of US vehicles sales being on track for their best sales year ever.(Reuters)