Wall Street Applauds New USMCA Trade Deal
$DIA, $SPY, $QQQ, $RUTX, $VXX
Monday, Wall Street opened Q-4 on a positive note as a President Trump’s USMCA trade pact eased participants concerns.
The DJIA finished strong, up 0.7%, but the NAS Comp closed 0.1% lower. The Russell 2000 also closed lower, off 1.4%.
Canada and Mexico accepted more restrictive commerce in the new United States-Mexico-Canada Agreement (USMCA), which will make it harder for global automakers to build cars cheaply in Mexico and aims to bring more jobs to the United States.
Industrial stocks, auto and rail-related shares rose.
The biggest boost to the industrials, however, was General Electric (NYSE:GE), which rose 8.0% and was set for its best day in 3.5 years after replacing Chief Executive John Flannery with board member Larry Culp, who, investors hope can transform the company’s portfolio more quickly.
Aside from industrials, the materials and energy sectors also rose more than 1%.
Energy stocks got a boost as Crude Oil prices hit their highest mark since Y 2014 on a combination of the new trade agreement and US sanctions on Iran.
Tesla (NASDAQ:TSLA) shares rose 16.8% as signs it had met targets for Quarterly production numbers added to relief at CEO Elon Musk’s settling a lawsuit with regulators that could have forced him out.
Monday, the major US stock market indexes finished at: DJIA +192.90 at 26651.21, NAS Comp -9.05 at 8037.28, S&P 500 +10.45 at 2924.43
Volume: Trade on the NYSE came in at 798-M/shares exchanged.
- NAS Comp +16.4% YTD
- Russell 2000 +9.0% YTD
- S&P 500 +9.4% YTD
- DJIA +7.8% YTD
Declining issues outnumbered advancing ones on the NYSE by a 1.13-to-1 ratio; on Nasdaq, a 1.61-to-1 ratio favored decliners.
The S&P 500 posted 46 new 52-week highs and 6 new lows; the NAS Comp recorded 95 new highs and 68 new lows.
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis
Latest posts by Paul Ebeling (see all)
- Bentley Recreates the 1929 Blower Bentley - October 23, 2019
- The Street’s Key Stock Analysts Research Reports - October 23, 2019
- Asia: Gold, Crude Oil, Stocks, Commodities and Currency Pairs - October 23, 2019