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Stocks - Wall Street Jumps on U.S., Canada Trade Deal

Published 10/01/2018, 09:37 AM
Updated 10/01/2018, 09:37 AM
© Reuters.  A last-minute trade deal between the U.S. and Canada helped sentiment.

© Reuters. A last-minute trade deal between the U.S. and Canada helped sentiment.

Investing.com - Stocks started the week on a positive note Monday, as investors cheered a U.S. trade agreement with Canada that will replace NAFTA.

The Dow rose 188.63, or 0.7%, to 26,646.94 , while the broader S&P 500 index rose 16.32, or 0.56%, to 2,930.30. The tech-heavy Nasdaq composite gained 54.60, or 0.7%, to 8,100.95.

The deal was renamed the United States-Mexico-Canada Agreement and will give the U.S. access to the Canadian dairy market and also cap Canada's auto exports to the U.S.

Trade-sensitive stocks Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) started higher.

Among economist indicators, shortly after the start of trading, the market will get numbers on manufacturing activity and construction spending.

Meanwhile, Tesla (NASDAQ:TSLA) was among the top gainers, rising 16% after executive Elon Musk reached a settlement with the Securities and Exchange Commission on Saturday that allows Musk to remain as CEO.

General Electric (NYSE:GE) stock gained 14% after the company announced Lawrence Culp would replace its chief executive, John Flannery, who presided over a 50% drop in the company's market cap during his short tenure.

In tech, Facebook (NASDAQ:FB) stock edged up 0.2%, and shares should be active as investors digest the full effects of the security breach the company announced Friday. There will be particular attention paid to whether there were more accounts affected than the 50 million initially reported.

Apple (NASDAQ:AAPL) rose 1.4%, while Amazon (NASDAQ:AMZN) gained 1.3% and Netflix (NASDAQ:NFLX) was 2% higher.

In Europe, stocks were mixed. Germany’s DAX gained 0.08%, while in France the CAC 40 rose 0.04% and in London, the FTSE 100 fell 0.14%. Meanwhile the pan-European Euro Stoxx 50 rose 0.5%, while Spain’s IBEX 35 was 0.6% higher.

In commodities, gold futures fell 0.3% to $1,192.60 a troy ounce, while crude oil futures increased 0.04% to $73.28 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.06% to 94.74.

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