Markets Right Now: Hopes for new NAFTA send stocks higher
NEW YORK (AP) — The latest on developments in financial markets (all times local):
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 percent.
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 percent, to 2,896.
The Dow Jones Industrial Average gained 259 points, or 1 percent, to 26,049. The Nasdaq climbed 71 points, or 0.9 percent, to 8,017.
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 percent and Ford climbed 2.8 percent.
Stocks finished at record highs Friday. On Monday the Nasdaq composite traded above 8,000 for the first time.
Tesla fell 2 percent 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 percent, to 2,895.
The Dow Jones Industrial Average gained 229 points, or 0.9 percent, to 26,019. The Nasdaq climbed 75 points, or 1 percent, to 8,021.
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 percent and Goldman Sachs gained 1.2 percent.
Consumer-focused companies were also doing well in the early going. Netflix was up 2.2 percent.
Electric car maker Tesla slipped 0.4 percent 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 percent, to 2,886.
The Dow Jones Industrial Average gained 142 points, or 0.6 percent, to 25,939. The Nasdaq composite climbed 32 points, or 0.4 percent, to 7,976.