S&P 500, Nasdaq Surge to Record Highs, DOW Up 250+ as US and Mexico Strike Trade Deal

 

ANOTHER WIN FOR PRESIDENT DONALD J. TRUMP AND AMERICA …

The Trump administration and Mexico have negotiated a new trade deal to replace NAFTA and the markets are gaining in a huge way. Candidate Trump promised during the 2016 presidential campaign that he would end NAFTA and replace it with a better deal for America and American workers. He has done it! And the markets loved it and surged on the news. The S&P 500 gained 0.8% to close at 2,896.74, a record high. The Nasdaq Composite climbed 0.9% to an all-time high, breaking above 8,000 points for the first time. The Dow Jones Industrial Average rose 259.29 points to 26,049.64.

Stocks jumped on Monday as the United States and Mexico closed a new trade deal, potentially removing a source of uncertainty that had been plaguing investors for months.

The S&P 500 gained 0.8 percent to close at 2,896.74 — a record high — with materials and financials as the best-performing sectors. The Nasdaq Composite climbed 0.9 percent to an all-time high, breaking above 8,000 points for the first time, as Facebook, Amazon, Netflix and Alphabet rose. Tech’s gains led the Nasdaq to close at 8,017.90.

The Dow Jones Industrial Average rose 259.29 points to 26,049.64 as Caterpillar outperformed. Monday also marked the first time since Feb. 1 that the Dow closed above 26,000.

“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, leaving behind the 24-year-old 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 helpful for farmers and manufacturers. U.S. Trade Representative Robert Lighthizer said the deal must be approved by Congress before being implemented.

Posted August 28, 2018 by
Economy, Jobs, Main, Mexico, United States | 2 comments


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  • Comments

    2 Responses to “S&P 500, Nasdaq Surge to Record Highs, DOW Up 250+ as US and Mexico Strike Trade Deal”

    1. A Texas Grandfather on August 28th, 2018 12:29 pm

      Perhaps some of the one-sided terms of the NAFTA deal have or will be corrected. I can remember the beginning of this deal and the comment H. Ross Perott made regarding the terribe terms. “There will be a giant sucking sound as jobs and money flow to Mexico and Canada”.

      If one uses Google earth to locate Nogales, Az.you can see the difference that NAFTA made in the Mexican side and the American side. Both towns were approximately the same when the treaty was signed. Now Nogales, Mexico is ten times the size it was at the beginning of the Treaty.

      Our Federal Government operating under Democrat control has made hundreds foolish mistakes regarding trade treaties. China is a prime example.

    2. US Consumer Confidence Rises to 18-Year High | Scared Monkeys on August 29th, 2018 10:37 am

      [...] negotiation of NAFTA with Mexico in creating a more favorable trade deal for the US, an ever-rising stock markets setting new highs, comes this great economic [...]

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