The Closing Look

Stocks edged higher on Monday after the attempted military coup in Turkey failed over the weekend and investors continued to sift through the latest round of earnings and economic data. Bank of America (BAC) rallied nicely on Monday after the company reported earnings. In M&A news, Softbank said they are going to acquire chip designer ARM for a $32-billion all-cash deal. ARM is based in London and shares soared nearly 50% on the news. The deal is the largest acquisition of a British company since June’s Brexit vote. The National Association of Home Builders said U.S. homebuilder sentiment slid by 1 point in July,as foot traffic of potential buyers fell and construction constraints continued. In China, homes prices slowed for the second consecutive month in June, dragged down by lower by weakness in small cities.

Gary’s Thoughts: Semis strong on buyout…and no complaints except very overbought and all of a sudden reading about Dow 20,000. Funny…wasnt reading about that 3 weeks ago. Tons of earnings now…stay tuned.