U.S. Stock Market Jumps After Announcement of US-Mexico Trade Deal
By Fred Imbert, Michael Sheetz, Ryan Browne – CNBC // August 27, 2018
(CNBC) – 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.”
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