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Re: ReturntoSender post# 6854

Monday, 08/27/2018 11:21:03 PM

Monday, August 27, 2018 11:21:03 PM

Post# of 12809

More Records Following U.S.-Mexico Trade Deal
27-Aug-18 16:25 ET
Dow +259.29 at 26049.64, Nasdaq +71.92 at 8017.92, S&P +22.05 at 2896.48

https://www.briefing.com/investor/markets/stock-market-update/2018/8/27/more-records-following-usmexico-trade-deal.htm

[BRIEFING.COM] Wall Street extended Friday's push into record territory on Monday, with the S&P 500 (+0.8%) registering its second straight record close. The tech-heavy Nasdaq (+0.9%) and the small-cap Russell 2000 (+0.2%) also notched new records, while the blue-chip Dow (+1.0%) finished roughly 2.0% below its January 26 all-time high.

News of a trade deal between the U.S. and Mexico helped underpin Monday's advance, removing some of the trade uncertainty that's plagued the market at times this year. With a U.S.-Mexico deal in place, Canada will now come to the negotiating table as the three nations look to fully replace their three-way NAFTA deal.

Monday's gains were broad-based, with nine of eleven sectors finishing in the green. The top-performing groups were financials (+1.3%), industrials (+1.2%), and materials (+1.5%); the top-weighted technology sector (+1.0%) also outperformed, with Advanced Micro (AMD 25.26, +1.28, +5.3%) extending a 12-yr high.

Conversely, the lightly-weighted utilities (-0.6%) and real estate (-0.1%) sectors finished at the back of the pack.

In corporate news, Tesla (TSLA 319.27, -3.55, -1.1%) slid after its CEO, Elon Musk, announced that he's abandoned plans to take the electric automaker private -- which he controversially floated as a possibility on August 7, saying that he's secured funding for a deal at a price of $420 per share.

Away from equities, U.S. Treasuries fell on Monday, sending yields higher across the curve; the benchmark 10-yr yield climbed two basis points to 2.85%. Meanwhile, the U.S. Dollar Index slid 0.5% to 94.65, challenging its August low, and WTI crude futures ticked up 0.2% to $68.87/bbl, hitting a three-week high.

Investors did not receive any economic data on Monday, but will receive several reports on Tuesday, including Advanced International Trade in Goods and Advanced Wholesale Inventories for July, the S&P Case-Shiller Home Price Index for June, and the Consumer Confidence Index for August.

Nasdaq Composite +16.1% YTD
Russell 2000 +12.6% YTD
S&P 500 +8.4% YTD
Dow Jones Industrial Average +5.4% YTD

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