Dow Retakes Perch at 26,000 as U.S. and Mexico Strike Tentative Trade Pact
Monday, 27 August 2018 23:21 WIB |
MARKET UPDATE |DOW JONESS & P 500Saham AS
U.S. stock benchmarks extended gains late-morning Monday, picking up steam amid reports that the U.S. and Mexico had come to a bilateral accord on trade.
Earlier, President Donald Trump issued a tweet that implied that a trade announcement was imminent. Trump tweeted. Details have been scant on the trade agreement thus far, but reports suggest that it would replace the North American Free Trade Agreement, with the current deal excluding Canada.
However, Congress would be required to ratify any new trade pacts, according to reports. Wall Street participants speculate that the current U.S.-Mexico pact is partly intended to pressure Canada to reenter into Nafta talks that have been stalled.
The Dow Jones Industrial Average rose 221 points, or 0.9%, to 26,015. The S&P 500 index traded 19 points, or 0.7%, to reach 2,893, after closing at its first record since Jan. 26 on Friday. Meanwhile, the Nasdaq Composite Index gained 75 points, or 0.9%, 8,020, hitting a psychological round-number level, and extending its move above a record, also hit on Friday. Both the S&P 500 and the Nasdaq put in fresh intraday all-time highs near the start of Monday trade.
Source : Market Watch