Agreement to replace NAFTA to boost U.S. stocks and marks

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      U.S. stocks closed higher Monday on the S&P 500 and Dow Jones Industrial Average after an agreement between the United States and Canada before Sunday's midnight deadline saved the US, Canada and Mexico from participating in the North American Free Trade Agreement (NAFTA) and helped ease trade concerns, but the main stock index closed off its day high.
Canada and Mexico accepted stricter trade restrictions in the U.S. -Mexico-Canada New Agreement (USMCA), making it harder for global carmakers to produce cars cheaply in Mexico, aiming to create more jobs for the United States.
Industrial stocks, more specifically auto and rail-related stocks, rose 0.8% for Ford and 1.6% for General Motors. In railway stocks, Kansas City Southern (KSU.N) rose 2.9%.
In recent months, the sensitive industrial sector has risen by 0.9%, the best single day performance in five weeks.
"Not only is it good news for NAFTA and North America as a whole, many market participants do see it as a good sign for future negotiations, especially with China," said Lindsey Bell, an investment strategist at CFRA Research.


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