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NASDAQ, S&P 500 close at record highs after new trade deal

August 27, 2018

Stocks rose on Wall Street on Monday, 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.

The Standard & Poor's 500 index also hit a new all-time high and the Dow Jones industrial average lunged back over the 26,000 mark.

Automakers, which would stand to benefit from warmer trade relations between the U.S. and Mexico, rose sharply Monday. General Motors climbed 4.7 percent.

The trade deal is far from final, and the United States 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.

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