The Nasdaq composite hit an all-time high Monday morning amid news of a restructured NAFTA deal; breaking 8,000 points and inching up 0.6% after negotiators confirmed a revamped agreement was just hours away.
“The Nasdaq Composite climbed 0.6 percent to an all-time high, breaking above 8,000 for the first time, as Facebook, Amazon, Netflix and Alphabet. The Dow Jones Industrial Average rose 214 points as Caterpillar outperformed. The S&P 500 gained 0.6 percent to hit a record high with materials and financials as the best-performing sectors,” writes CNBC.
“The market has been buffeted with a lot of headwinds lately, and the biggest one is trade,” said one industry insider. “If you were to take trade out of the picture, you would have a smoother ride higher in this market.”
The ‘NEW NAFTA’ would center on easing tariffs and limitations on the American automobile and agricultural sectors; two key barriers blasted by President Trump throughout the 2016 campaign.
Read the full story at CNBC.
PROMISE KEPT: US-Mexico Agree to ‘PRELIMINARY’ NAFTA Deal
Negotiators from the United States and Mexico have reportedly struck a “preliminary” deal to overhaul the 24-year-old North American Free Trade Agreement; fulfilling the President’s key campaign promise to revamp the nation’s outdated trade policies.
“The United States and Mexico have reached agreement to revise key portions of the 24-year-old North American Free Trade Agreement and a preliminary deal could be announced on Monday, a crucial step toward revamping a trade pact that has appeared on the brink of collapse during the past year of negotiations,” writes the New York Times.
A big deal looking good with Mexico!
— Donald J. Trump (@realDonaldTrump) August 27, 2018
According to insiders, the new agreement addresses concerns raised by the White House regarding the automobile industry, construction, and protecting American workers.
Read the full story here.
TRUDEAU TURNS: Canadian PM Now SUPPORTS TRUMP on NAFTA
Canadian Prime Minister Justin Trudeau hinted Thursday that he now supports President Trump’s revamped NAFTA program; backing the US leader after recent polls showed the liberal politician losing support throughout Canada.
According to Yahoo News, Trudeau signaled his support for a revised version of the North American Free Trade Agreement this week, telling reporters there was a “high chance” of reaching a new deal.
“We have a high chance of reaching a win-win-win deal for Canada, the United States and Mexico,” said the Prime Minister. “With the pressures of the elections in Mexico, and the US elections, if we could announce something at the Summit of the Americas, that would be great.”
Trudeau’s comments come days after new polls show him losing support in Canada; with the Conservative party gaining ground in recent surveys.
“All of a sudden, we saw this drop,” said the chief executive of Abacus Data, an Ottawa polling firm. “It’s the first time since Trudeau became prime minister that we have results showing the Conservatives slightly ahead.”