The bull is back! Dow hits record high

NEW YORK (CNNMoney)

The Dow rose more than 130 points in early trading and hit a new peak of 17,085. The S&P 500 and Nasdaq were both up more than 0.5%.

The rally comes as Goldman Sachs released an upgraded target for the S&P 500. Analysts there now think the blue chip index will hit 2050 by year's-end instead of 1900. The S&P 500 was hovering around 1.980 Monday morning.

Here are some other things to watch in today's trading:

1. Bank bump: Citigroup (CITI) reported earnings that beat expectations despite a $7 billion settlement with the federal government over mortgages it sold during the financial crisis. The stock is up about 3.6%.

Shares of the other big banks -- JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) -- were higher in early trading. These four will report their second-quarter earnings later this week.

Related: Read more about Citi's settlement here

2. Gold bust: Gold and silver prices are both down around 2.3% this morning. Gold traditionally acts as a hedge against inflation, suggesting investors are less worried about it. Meanwhile, the dollar strengthened against both the euro and the pound.

3. International markets: European stocks are doing well, with the FTSE 100 up more than 1% in afternoon trading. World Cup winner Germany's DAX is up more than 1.1%. Asian stocks finished the day mostly up, with the Nikkei up almost 1%.

First Published: July 14, 2014: 9:58 AM ET

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