Markets Right Now: Hopes for new NAFTA send stocks higher
NEW YORK – The latest on developments in financial markets (all times local):
4 p.m.
Stocks rose on Wall Street, sending the Nasdaq above 8,000 for the first time, after the White House said it has reached a preliminary agreement with Mexico on replacing NAFTA.
Automakers, which would stand to benefit from warmer trade relations between the U.S. and Mexico, rose sharply on Monday. General Motors climbed 4.7 per cent.
The deal is far from final, and the U.S. still needs to reach an understanding with Canada, the third party in the accord and the second-largest trading partner of the U.S.
Banks, technology and industrial companies also made big gains.
The S&P 500 rose 22 points, or 0.8 per cent, to 2,896.
The Dow Jones Industrial Average gained 259 points, or 1 per cent, to 26,049. The Nasdaq climbed 71 points, or 0.9 per cent, to 8,017.
___
11:45 a.m.
Stocks are rising broadly as the U.S. and Mexico prepare to announce a trade agreement.
Industrial companies, banks and big technology stocks are among the biggest winners in midday trading on Wall Street.
Automakers are climbing as investors hope the agreement will prevent tariffs on imported cars. General Motors rose 4.3 per cent and Ford climbed 2.8 per cent.
Stocks finished at record highs Friday. On Monday the Nasdaq composite traded above 8,000 for the first time.
Tesla fell 2 per cent after CEO Elon Musk said he was scrapping the idea of taking the electric car maker private.
The S&P 500 rose 21 points, or 0.7 per cent, to 2,895.
The Dow Jones Industrial Average gained 229 points, or 0.9 per cent, to 26,019. The Nasdaq climbed 75 points, or 1 per cent, to 8,021.
___
9:35 a.m.
Stocks are opening broadly higher on Wall Street, extending the market’s gains from last week.
Technology companies and banks were among the biggest winners in early trading Monday. Facebook rose 1 per cent and Goldman Sachs gained 1.2 per cent.
Consumer-focused companies were also doing well in the early going. Netflix was up 2.2 per cent.
Electric car maker Tesla slipped 0.4 per cent after CEO Elon Musk said late Friday he was scrapping the idea of taking the company private.
The S&P 500 index rose 12 points, or 0.4 per cent, to 2,886.
The Dow Jones Industrial Average gained 142 points, or 0.6 per cent, to 25,939. The Nasdaq composite climbed 32 points, or 0.4 per cent, to 7,976.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
