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28-Aug2018

US markets end higher as US, Mexico strike trade deal

Magnifying their last session's gains, the US markets ended higher on Monday with the S&P 500 and the Nasdaq closing at records for a second straight session as President Donald Trump confirmed reports the US has reached a preliminary trade deal with Mexico. The US and Mexico reached an agreement to enter into a new trade deal as President Donald Trump announced that he wants to drop the name North American Free Trade Agreement from an existing deal that includes Canada. The president said the new deal would be called the United States-Mexico Trade Agreement rather than NAFTA. Meanwhile, Trump indicated the US would soon begin negotiations with Canada but suggested that any agreement could be a separate deal. Besides, it is the first time the Nasdaq traded above 8,000, taking the tech-laden index 164 trading days to rise 1,000 points from 7,000. It marks the second 1,000-point advance for the Nasdaq this year, something that has not happened since 1999.

On the economic front, a measure of the US economy from the Chicago Federal Reserve slowed in July from June's robust performance, owed in large part to lighter output at the nation's factories. The Chicago Fed's index of national economic activity registered at a positive 0.13 last month, down from an upwardly revised positive 0.48 in June.

Dow Jones Industrial Average surged 259.29 points or 1.01 percent to 26049.64, the S&P 500 rose 22.05 points or 0.77 percent to 2896.74 and Nasdaq was up by 71.92 points or 0.91 percent to 8017.90.


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