US stocks push into record territory on trade optimism, Nasdaq hits 8,000 mark
Major US equity indices opened with strong gains and kept pushing into record territory during the opening hour of trade on the first trading day of the week.
The latest news that the US and Mexico were closing in on a trade deal added to the optimism over the underlying strength in the economy, further reinforced by Friday's comments by the Fed Chair Jerome Powell at the closely watched speech at Jackson Hole symposium.
Powell on Friday said that the US economy is strong enough to withstand rising interest rates. At the same time, Powell downplayed the need for any aggressive tightening and remained supportive of the prevailing bullish moods around perceived riskier assets - like equities.
Also supporting the positive sentiment was a report that the US and Mexican trade negotiators are seen as close to reaching a common position on the North American Free Trade Agreement, with Mexican official saying that an announcement could come later in the day.
During the opening hour of trade, the Dow Jones Industrial Average rallied over 200-points to 26,000 mark and the broader S&P 500 Index climbed around 18-points to 2,893. Meanwhile, tech-heavy Nasdaq Composite added nearly 55-points and conquered 8,000 psychological level.
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