Dow soars on NAFTA deal

By Baystreet Market Updates

Stocks rose sharply on Monday as investors cheered news of Canada joining a trade deal with the United States and Mexico.

The Dow Jones Industrials erupted for a gain of 250.84 points, or 1%, to break for lunch Monday at 26,709.15, as American Express and Boeing outperformed.

The S&P 500 gained 19.02 points to 2,933, led by 1% jumps in materials and industrials.

The NASDAQ gained 40.16 points to 8,086.51, as Amazon and Apple each climbed more than 1%.

Shares of Ford and General Motors both jumped more than 1% following the news. Boeing took on 1.8%, and Caterpillar, another stock sensitive to trade news, rose 0.3%.

The moves on Wall Street came after the S&P 500 notched its best quarter since 2013, having risen 7.2% in that time period.

Tesla shares surged more than 17% after CEO Elon Musk settled charges with the Securities and Exchange Commission over his recent aborted bid to take the firm private.

As part of the settlement, Musk will relinquish his position as chairman of the board at Tesla for at least three years. Tesla and Musk will pay $20 million each.

Meanwhile, General Electric surged 11.7% after the company abruptly removed CEO John Flannery from his post and named Lawrence Culp as his successor.

Prices for the benchmark for the 10-year U.S.Treasury slid a mite, inching yields up to 3.07% from Friday’s 3.06%. Treasury prices and yields move in opposite directions.

Oil prices prospered 83 cents to $74.08U.S. a barrel.

Gold prices shook off $4.60 to $1,191.60U.S. an ounce.

This article provided by NewsEdge.