“Stocks jumped on Monday as the United States and Mexico closed a new trade deal,” Fred Imbert, Michael Sheetz, and Ryan Browne report for CNBC. “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 points 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.”
“President Donald Trump said the deal would be called The United States-Mexico Trade agreement, leaving behind the 24-year-old NAFTA name,” Imbert, Sheetz, and Browne report. “‘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. U.S. Trade Representative Robert Lighthizer said the deal must be approved by Congress before being implemented.”
“Dan McMahon, director of equity trading at Raymond James, said the positive trade news ‘allows for more room to run’ in the market, but noted that equities are also benefiting from a typically slow time in the year,” Imbert, Sheetz, and Browne report. “Global markets were also buoyed by comments from Federal Reserve Chair Jerome Powell. He said he sees ‘further, gradual’ rate hikes ahead.”
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MacDailyNews Note: Currently shares of Apple Inc. (AAPL) are trading at $217.97, up $1.81 (+0.84%).
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]