MEXICO just PAID for the WALL – US and Mexico strike trade deal.
Dow jumps more than 250 points, Nasdaq hits 8,000
Stocks jumped on Monday as the United States and Mexico closed a new trade deal. Investors also digested reassuring comments from Federal Reserve Chair Jerome Powell on the central bank’s policy-tightening path.
The Dow Jones Industrial Average rose 260 points as Caterpillar outperformed. The Nasdaq Composite climbed 1 percent to an all-time high, breaking above 8,000 for the first time, as Facebook, Amazon, Netflix and Alphabet rose. The S&P 500 gained 0.8 percent to hit a record high with materials and financials as the best-performing sectors.
“The market has been buffeted with a lot of headwinds lately, and the biggest one is trade,” said Art Hogan, chief market strategist at B. Riley FBR. “If you were to take trade out of the picture, you would have a smoother ride higher in this market.”
President Donald Trump said the deal would be called The United States-Mexico Trade agreement, getting rid of the NAFTA name. “The name NAFTA has a bad connotation because the United States was hurt very badly by NAFTA,” he said. Trump added that the deal with Mexico is also very special for farmers and manufacturers.
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