Dow jumps more than 250 points, Tesla and GE stocks rally as Wall Street cheers Nafta pact
U.S. stock benchmarks surged early Monday after the U.S. and Canada struck a deal to revise the North American Free Trade Agreement. The Dow Jones Industrial Average traded 250 points, or 1%, higher at 26,709, the S&P 500 index climbed 0.7% at 2,934, above its Sept. 20 closing record, while the Nasdaq Composite Index advanced 0.6% at 8,091. In key corporate news, Tesla Inc. shares jumped after Chairman and Chief Executive Elon Musk settled a Securities and Exchange Commission fraud probe over the weekend, which will force the 47-year-old founder to step down as chairman, with the company and Musk paying a combined $40 million in fines. Musk also reportedly told employees in a weekend email that the electric-car maker is on the verge of making a profit. Meanwhile, shares of General Electric Co. climbed after the troubled industrial conglomerate Monday morning said its chief executive officer, John Flannery, was being replaced by H. Lawrence Culp Jr, a former CEO at Danaher Corp.