Post by bot on Oct 1, 2018 15:27:09 GMT -5
Dow ends about 190 points higher, S&P 500 closes near record as Nafta deal sparks rally
The Dow Jones Industrial Average on Monday finished the session with a triple-digit advance and the S&P 500 flirted with a fresh all-time high to start the first day of October and the fourth quarter after the U.S. and Canada reached an 11th-hour deal to revise the North American Free Trade Agreement. However, the Nasdaq Composite Index sat out the day's rally, ending lower on the day. The Dow Jones Industrial Average rose 193 points, or 0.7%, to reach 26,651, powered by shares of Boeing Co., which delivered a nearly 70-point jolt to the price-weighted blue-chip index. The S&P 500 index closed up 0.4% at 2,924, less than a half-percent short of its Sept. 20 closing high at 2,930.75, while the Nasdaq finished down 0.1% at 8,037. All three benchmarks finished off their best levels of the day. The North American Trade Agreement forged with Canada, brings the U.S.'s northern neighbor into a new trilateral agreement that Mexico had agreed to weeks ago. The deal, known now as the U.S. Mexico Canada Agreement, or USMCA, must still be approved by Congress but was heralded by President Donald Trump as a "historic news." Meanwhile, the Russell 2000 index of small-capitalization companies, fell 1.5% to end at 1,673, marking its worst day since July 27th, according to FactSet data. The index has been a respite for investors hoping to lessen the impact of trade on their holdings because the revenue of its constituents aren't directly hurt by trade because they tend to be domestically driven. In corporate news, shares of Tesla Inc. jumped after Chairman and Chief Executive Elon Musk settled a Securities and Exchange fraud probe over the weekend and said the company was nearing profitability, while shares of General Electric jumped after after the troubled industrial conglomerate said its chief executive officer, John Flannery, was being replaced after a little over a year in the role.
The Dow Jones Industrial Average on Monday finished the session with a triple-digit advance and the S&P 500 flirted with a fresh all-time high to start the first day of October and the fourth quarter after the U.S. and Canada reached an 11th-hour deal to revise the North American Free Trade Agreement. However, the Nasdaq Composite Index sat out the day's rally, ending lower on the day. The Dow Jones Industrial Average rose 193 points, or 0.7%, to reach 26,651, powered by shares of Boeing Co., which delivered a nearly 70-point jolt to the price-weighted blue-chip index. The S&P 500 index closed up 0.4% at 2,924, less than a half-percent short of its Sept. 20 closing high at 2,930.75, while the Nasdaq finished down 0.1% at 8,037. All three benchmarks finished off their best levels of the day. The North American Trade Agreement forged with Canada, brings the U.S.'s northern neighbor into a new trilateral agreement that Mexico had agreed to weeks ago. The deal, known now as the U.S. Mexico Canada Agreement, or USMCA, must still be approved by Congress but was heralded by President Donald Trump as a "historic news." Meanwhile, the Russell 2000 index of small-capitalization companies, fell 1.5% to end at 1,673, marking its worst day since July 27th, according to FactSet data. The index has been a respite for investors hoping to lessen the impact of trade on their holdings because the revenue of its constituents aren't directly hurt by trade because they tend to be domestically driven. In corporate news, shares of Tesla Inc. jumped after Chairman and Chief Executive Elon Musk settled a Securities and Exchange fraud probe over the weekend and said the company was nearing profitability, while shares of General Electric jumped after after the troubled industrial conglomerate said its chief executive officer, John Flannery, was being replaced after a little over a year in the role.