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Monday, November 29, 2021

NAFTA progress spurs Wall Street rally, Nasdaq hits 8,000

NAFTA progress spurs Wall Street rally, Nasdaq hits 8,000

NEW YORK: Wall Street rallied in early trading on Monday, with the Nasdaq reaching 8,000 points for the first time as US and Mexican negotiators signaled they were nearing a preliminary deal to rewrite the North American trade pact.

The buoyant mood saw investors add to Friday’s record closes while President Donald Trump was due to make a trade announcement from the White House at 11:00 am (1500 GMT).

About an hour into the day’s trading, the benchmark Dow Jones Industrial Average was up 0.9 percent at 26,011.78.

The broader S&P 500 had gained 0.7 percent to reach 2,895.86 and the Nasdaq had added 0.9 percent to 8,020.10.

“A big deal looking good with Mexico!” Trump tweeted shortly after 13:30 GMT, when stock markets opened.

But electric automaker Tesla was not in a party mood, with its stock down 3.3 percent toward 1430 GMT after CEO Elon Musk’s announcement late Friday he would not be taking the company private after all.

Musk surprised markets on August 7 when he announced he had “secured” funding to take the company private, spurring inquiries from regulators and stunning investors.

Earlier Monday, Mexico’s Economy minister told reporters in Washington that a single issue remained to be resolved in side talks between Washington and Mexico City on the North American Free Trade Agreement, which would allow trilateral talks to resume with Canada.

However, Guajardo said efforts to revamp NAFTA would not be complete until a final agreement is reached with Canada.

Copyright AFP (Agence France-Press), 2018

Source: Brecorder

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