U.S. stocks closed higher on Monday after the United States and Mexico struck a trade deal that might pave the way for replacing the North American Free Trade Agreement (NAFTA).
The Dow Jones Industrial Average increased 259.29 points, or 1.01 percent, to 26,049.64. The S&P 500 was up 22.05 points, or 0.77 percent, to 2,896.74. The Nasdaq Composite Index was up 71.92 points, or 0.91 percent, to 8,017.90.
U.S. President Donald Trump said the new deal would be called the United States-Mexico Trade Agreement and the bilateral deal would be very special for farmers and manufacturers.
The news came after Mexican Economy Minister and chief NAFTA negotiator Ildefonso Guajardo said the two countries were close to solve major differences on trade.
Meanwhile, investors continued to digest the reassuring speech delivered by Federal Reserve Chair Jerome Powell on the central bank's future monetary policy.
"If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate," said Powell on Friday at the Jackson Hole Symposium in Wyoming.
The Dow Jones Industrial Average increased 259.29 points, or 1.01 percent, to 26,049.64. The S&P 500 was up 22.05 points, or 0.77 percent, to 2,896.74. The Nasdaq Composite Index was up 71.92 points, or 0.91 percent, to 8,017.90.
U.S. President Donald Trump said the new deal would be called the United States-Mexico Trade Agreement and the bilateral deal would be very special for farmers and manufacturers.
The news came after Mexican Economy Minister and chief NAFTA negotiator Ildefonso Guajardo said the two countries were close to solve major differences on trade.
Meanwhile, investors continued to digest the reassuring speech delivered by Federal Reserve Chair Jerome Powell on the central bank's future monetary policy.
"If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate," said Powell on Friday at the Jackson Hole Symposium in Wyoming.
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