Stocks climbed on Monday, with the Dow back above 17,000, as investors welcomed better-than-projected earnings from Citigroup and a bout of corporate takeovers. The Dow Jones Industrial Average closed unofficially 111 points higher at 17,055.42, just 13 points shy of a record close, although it earlier set an intraday record of 17,088.43. The S&P 500 rose 9 points and the Nasdaq added 24 points. Citigroup stock gained 3 percent after reporting quarterly results and after agreeing to pay $7 billion to settle government claims it misled investors about mortgage-backed bonds sold ahead of the 2008 financial crisis. URS surged 12 percent after Aecom Technology said it would pay about $4 billion to purchase the construction-management company. AbbVie slipped after Shire said it was ready to recommend the company's latest offer to its shareholders.
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- Kate Gibson, CNBC.com
First published July 14 2014, 6:45 AM