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.
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.
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.
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.
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.
Meghan McCain snaps at Sunny Hostin for daring to disagree with her about Alexandria Ocasio-Cortez
Meghan McCain slammed President Donald Trump for hurling racist abuse at four Democratic congresswomen to heighten divisions in his rival party, and then framed the debate in the exact same way he has.
The conservative co-host on "The View" condemned the president's statements urging the four first-year lawmakers to return to their home countries as racist, and then complained that one of their chiefs of staff had accused moderate Democrats of turning a blind eye to racism.
"I think the politics of this is fascinating," McCain began. "We spent our entire week last week talking about how racist and xenophobic the original comments and the chants were, and I stand by that statement."
Here’s the insidious role Sean Hannity played in derailing Al Franken’s political career
The U.S. Senate lost one of its most prominent liberals when Sen. Al Franken of Minnesota, dogged by sexual harassment allegations, announced his resignation in December 2017. Some of Franken’s defenders believed the Democratic Party was too quick to throw him under the bus; other Democrats stressed that in light of the #MeToo movement, his resignation was absolutely necessary. Franken’s political downfall is the subject of an in-depth report by the New Yorker’s Jane Mayer, who describes — among many other things — the role that Fox News’ Sean Hannity played in the media firestorm.
The media got it wrong: There’s no evidence GOP support for Trump improved after his racist outburst
One of the most popular articles last week involved claims that polls showed Republicans had increased their support of President Trump. But a closer analysis of the data reveals that any increase in support was within the margin of error. So the polls couldn’t conclude that GOP support for President Trump had gone up or down.
Polls are tricky creatures. We either give them near god-like status, or discount them entirely, often depending on whether they show us what we want.
I remember the movie “Machete,” where an opportunistic Texas politician fakes his own shooting. Within five minutes of that story breaking, the news anchor reported that the politician had drastically improved his standing in the polls. Surveys don’t work that way.