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Wall Street rallies as US and Mexico reach trade deal

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U.S. stocks posted strong gains on Monday, with the benchmark S&P 500 and the Nasdaq hitting all-time highs, as the United States and Mexico reached a deal to replace the North American Free Trade Agreement.

Shares of automakers, which stand to gain from the deal, were higher with Ford (F.N) up 3.2 percent, General Motors (GM.N) gained 4.6 percent and Fiat Chrysler (FCAU.N) climbed 4 percent.

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Auto parts makers also rose with Goodyear Tire & Rubber Co (GT.O) up 4.6 percent.

The trade-sensitive industrials sector .SPLRCI was up about 1.24 percent. Caterpillar (CAT.N) rose 2.6 percent and was the second-biggest boost to the Dow Jones industrial average .DJI.

United States and Mexico reached a deal to replace NAFTA and talks with Canada were expected to begin immediately in the hopes of reaching a final agreement by Friday, a senior U.S. trade official said.

“I think the question most people have is can the markets go higher? The answer is yes, earnings drive markets and this season has been an incredible one,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

Also helping sentiment was Washington pressing the European Union to speed up trade negotiations.

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At 12:52 a.m. EDT the Dow Jones Industrial Average .DJI was up 256.14 points, or 0.99 percent, at 26,046.49, the S&P 500 .SPX was up 22.08 points, or 0.77 percent, at 2,896.77 and the Nasdaq Composite .IXIC was up 73.71 points, or 0.93 percent, at 8,019.69.

Nine of the 11 major S&P 500 sectors were higher. The top percentage gainer was the materials sector .SPLRCM with a 1.75 percent gain.

The defensive utilities .SPLRCU and real estate .SPLRCR sectors were down 0.86 percent and 0.41 percent.

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Chipotle Mexican Grill (CMG.N) slipped 4.5 percent, the most on the S&P, after Wedbush downgraded its shares, citing higher risks to the burrito chain’s near-term same-store sales and margin estimates.

Tesla Inc (TSLA.O) dropped 1.9 percent after abandoning a plan to take the electric carmaker private.

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Advancing issues outnumbered decliners for a 2.07-to-1 ratio on the NYSE and a 1.98-to-1 ratio on the Nasdaq.

The S&P index recorded 52 new 52-week highs and no new lows, while the Nasdaq recorded 150 new highs and 23 new lows.


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WATCH: Video shows NYPD beating anti-police violence protesters with batons in Brooklyn

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Protesters of police violence received a harsh reception from the New York Police Department on Friday evening.

The protesters had marched to the Barclays Center, where they were met with a large police presence.

Heavy police presence posted outside of Barclays Center. If you’re protesting, please stay safe.

- Legal Aid Society’s Contact Number: 212-577-3300- Link to Brooklyn Bail Fund: https://t.co/cxRXqgrrum #BlackLivesMatter #JusticeForGeorgeFloyd pic.twitter.com/IgISXvkOj1

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Trump is enacting the presidency ‘George Wallace never had’: Conservative columnist

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On Friday, writing for The Washington Post, conservative columnist Max Boot tore into President Donald Trump's legacy on race.

"We know how a normal president responds when a white police officer ignites furious protests by killing a black man. It is the way President Barack Obama responded in 2014 after a grand jury refused to indict a white police officer who had fatally shot Michael Brown in Ferguson, Mo., and the National Guard had to be called in to deal with looting and fires," wrote Boot. "Obama expressed sympathy for the protesters — their anger, he noted, was 'rooted in realities that have existed in this country for a long time' — while making clear that he had no sympathy with violence: 'Burning buildings, torching cars, destroying property, putting people at risk — that’s destructive and there’s no excuse for it. Those are criminal acts. And people should be prosecuted if they engage in criminal acts.'"

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White House goes into lockdown as George Floyd protests in DC rage hotter

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On Friday, CBS News reporter Weijia Jiang reported that the White House has now issued lockdown orders.

The development comes as protests against the police killing of George Floyd in Minneapolis, Minnesota have spread to Washington, D.C. and crowds are growing angrier. Earlier in the evening, a protester scaled the wall of a federal building and spray-painted an obscene anti-Trump message above a window.

The White House is currently under lockdown orders. https://t.co/LasnCIjkum

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