08/27/18 Wall Street Journal
U.S. stocks, global currencies and commodities surged Monday as investors embraced a deal between the U.S. and Mexico to rewrite portions of the North American Free Trade Agreement.
Monday’s deal marks a sizable shift on Wall Street, where investors have spent much of the past two years grappling with concerns that the administration’s escalating trade rhetoric and tensions with much of Asia and Europe could hurt global growth.
While the gains could show that U.S. stock indexes have more room to climb, even with the S&P 500 now in its longest-ever bull-market run, many analysts and traders said they remained cautious about overreacting to what also might be the latest in an extended back-and-forth.
Stocks extended early gains on the news, pushing the S&P 500 up 0.8% to a record, powering the Nasdaq Composite to its first close above 8000 and sending the Dow Jones Industrial Average to its first close past 26000 since Feb. 1.