The Dow Jones Industrial Average jumped more than 250 points Monday afternoon after the Trump administration secured a new North American free trade agreement with Canada and Mexico.
According to CNBC, “stocks rose sharply” hours after the White House confirmed the international agreement Sunday night.
“The Dow Jones Industrial Average rose 264 points as American Express and Boeing outperformed. The S&P 500 gained 0.8 percent, led by 1 percent jumps in materials and industrials. The Nasdaq Composite advanced 0.7 percent as Amazon and Apple both climbed more than 1 percent,” writes CNBC.
“The biggest risk factor [in the market] is a trade war and we’ve dialed that down a bit,” added one industry insider.
The new trade agreement will ease access for American farm workers and the US automobile industry into Canadian and Mexican markets.
Read the full story at CNBC.
GOODBYE NAFTA: New North American Trade Agreement Named ‘USMCA’
Negotiators from the United States and Canada announced a new North American trade agreement over the weekend; officially ending NAFTA and unveiling the United States-Mexico-Canada Agreement -better known as the USMCA.
Officials from both countries released a statement Sunday evening ahead of the self-imposed midnight deadline; saying the new free trade agreement will benefit “workers, farmers, ranchers, and businesses” on all sides of the border.
“USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region,” the joint statement said. “It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.”
Congratulations to Mexico and Canada!
— Donald J. Trump (@realDonaldTrump) October 1, 2018
The President weighed-in on the international trade deal Monday morning; saying “Congratulations to Mexico and Canada!”
WATCH LIVE: President Trump Delivers Remarks on New USMCA Trade Deal
Watch LIVE as President Trump speaks with reporters after unveiling the United States-Mexico-Canada Trade Agreement.
The Commander-in-Chief hailed the new trade deal as a major step forward for “workers and businesses” on all sides of the border; saying it will transform North America into a “manufacturing powerhouse.”
Watch the President speak from the White House below: