Stocks advance with Dow, S&P 500 nearing all-time highs.
U.S. stocks traded mostly higher on Tuesday, buoyed by a recently announced NAFTA 2.0 trade deal between Canada and the United States.
The large-cap S&P 500 Index (NYSEARCA:SPY) reversed gains to finish flat at 2,923.43. The consumer discretionary component was the biggest drag on growth, falling 1.3%. Healthcare and information technology also finished lower.
Dow industrials (NYSEARCA:DIA) advanced 122.73 points, or 0.5%, to 26,773.94, a new record high.
Meanwhile, the technology-heavy Nasdaq Composite Index (NYSEARCA:QQQ) edged down 0.5% to close at 7,999.55.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) was little changed on Tuesday after trading within a narrow range for most of the session. The so-called “fear index” edged up 0.5% to 12.06 on a scale of 1-100 where 30 generally reflects the historic average.
Markets advanced broadly on Monday after Canada and the United States agreed to a new trade accord in the eleventh hour of negotiations. The new pact, dubbed the United States Mexico Canada Agreement (USMCA) has begun a mandatory 60-day review period before executive sign-off by President Trump.
The Final Word: NAFTA reprieve is helpings stocks maintain their upward momentum ahead of another high-stakes earnings season. Wall Street in Q2 recorded its second-best quarter of earnings since Q3 2010 thanks to corporate earnings and pro-growth optimism.