US-Mexico trade agreement sends markets to record highs

Investors cheered a tentative US-Mexico trade deal and sent stocks to record highs.Both the S&P 500 a...

Posted: Aug 28, 2018 8:55 PM
Updated: Aug 28, 2018 8:56 PM

Investors cheered a tentative US-Mexico trade deal and sent stocks to record highs.

Both the S&P 500 and the Nasdaq closed at all-time highs on Monday, and the Nasdaq topped 8,000 for the first time. The Dow spiked 259 points and finished above 26,000 for the first time since February 1.

The deal would rewrite parts of NAFTA, the three-country trade deal. US Trade Representative Robert Lighthizer said he expects Canada to sign on.

The agreement would require that 75% of the parts in any car sold in North America be produced in the United States or Mexico to be exempt from tariffs. The existing threshold is 62.5%.

It would also require that 40% to 45% of auto parts in cars sold in North America be made by workers earning at least $16 per hour. Those rules could give American plants an advantage over Mexican plants, where workers make far less.

The announcement gave a lift to a market that has fretted about trade wars for months. US automakers recorded even bigger gains. GM stock shot up almost 5%, and Ford climbed more than 3%.

The president has called NAFTA the worst trade agreement in American history. Representatives from the three countries began to renegotiate the agreement about a year ago.

— CNN's Kevin Liptak and Jeremy Diamond and CNNMoney's Julia Horowitz, Chris Isidore and Katie Lobosco contributed to this report.

West Lafayette
Overcast
50° wxIcon
Hi: 61° Lo: 40°
Feels Like: 50°
Kokomo
Overcast
55° wxIcon
Hi: 74° Lo: 39°
Feels Like: 55°
Rensselaer
Overcast
45° wxIcon
Hi: 49° Lo: 37°
Feels Like: 37°
Fowler
Overcast
45° wxIcon
Hi: 67° Lo: 36°
Feels Like: 37°
Williamsport
Overcast
47° wxIcon
Hi: 58° Lo: 37°
Feels Like: 39°
Crawfordsville
Overcast
46° wxIcon
Hi: 67° Lo: 39°
Feels Like: 40°
Frankfort
Overcast
52° wxIcon
Hi: 71° Lo: 39°
Feels Like: 52°
Delphi
47° wxIcon
Hi: 62° Lo: 40°
Feels Like: 39°
Monticello
47° wxIcon
Hi: 71° Lo: 39°
Feels Like: 39°
Logansport
Overcast
50° wxIcon
Hi: 62° Lo: 39°
Feels Like: 50°
Much Colder Tonight with Any Rainfall Tapering.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 155246

Reported Deaths: 4065
CountyConfirmedDeaths
Marion25151785
Lake13570355
St. Joseph9145161
Elkhart8759135
Allen8129228
Hamilton6117113
Vanderburgh576760
Tippecanoe369515
Hendricks3268133
Monroe325738
Porter313649
Johnson3105128
Clark293961
Delaware293274
Vigo260538
Madison235093
Cass224022
LaPorte222858
Warrick192965
Kosciusko182625
Floyd179167
Howard162466
Bartholomew141558
Dubois138626
Marshall137426
Wayne126930
Henry125429
Grant125339
Boone122250
Hancock118245
Noble115933
Jackson112915
Dearborn94928
Morgan93740
Lawrence87436
Daviess87133
Gibson87111
Clinton84716
Shelby81730
LaGrange80115
Harrison76224
Knox75610
Putnam72816
Posey7146
DeKalb71011
Fayette66618
Steuben6278
Miami6095
Jasper5945
White58515
Montgomery58322
Greene53337
Scott51813
Decatur50439
Adams4837
Whitley4556
Clay4467
Ripley4418
Sullivan43714
Wells4288
Wabash4119
Starke4077
Orange40425
Huntington3905
Spencer3906
Washington3753
Franklin37225
Jennings36713
Fulton3523
Randolph3529
Jefferson3415
Pike33018
Carroll32513
Perry31014
Jay3056
Fountain2943
Tipton27523
Vermillion2411
Parke2323
Newton22511
Rush2154
Blackford2093
Owen2051
Martin1990
Crawford1581
Pulaski1521
Brown1393
Ohio1297
Benton1100
Union1100
Switzerland920
Warren781
Unassigned0234

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events