U.S. stocks rose Monday as the U.S. and Mexico reached a preliminary trade deal.
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The Dow Jones Industrial Average jumped by triple digits, rising 259.29 points, or 1.01 percent, to 26,049.64. The broader S&P 500 and tech-heavy Nasdaq Composite set fresh record highs. The S&P gained 22.05 points, closing at 2,896.74. The Nasdaq was up 71.92 points, or 0.91 percent, at 8,017.90.
|I:DJI||DOW JONES AVERAGES||27686.91||-104.53||-0.38%|
|I:COMP||NASDAQ COMPOSITE INDEX||10782.822689||-185.53||-1.69%|
Last week, U.S. markets officially entered their longest bull market in history.
On Friday, Federal Reserve Chairman Jerome Powell affirmed that the central bank would continue a gradual pace of interest rate hikes.
While earnings season is essentially over, the last week of August will bring a full economic data calendar. The Chicago Fed’s national activity index, released Monday morning, declined slightly in July. Later in the week, there will be reports on consumer confidence, home sales and personal income and spending.
Meanwhile, it is a busy week for vacations so it could be quiet in terms of trading volumes.
In company news, Tesla is in the spotlight after chief executive Elon Musk said in a company statement late Friday that Tesla would remain a private company. This comes after Musk tweeted earlier this month that he was considering taking the company private.
Commodities were mostly lower, including oil futures. OPEC will meet later this week.