US stocks close higher after delay in Mexico tariffs

  • by Ofeed Team
  • June 11, 2019, 1:13 AM
  • 99 Views
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U.S. stocks managed to finish higher on Monday, trailing gains in Europe, after President Donald Trump decided to delay tariffs on Mexico.

Dow Jones Industrial Average closed in green for its sixth straight session. The DJIA gained 0.30%, or 78.74 points, to 26,062 and S&P 500 added 0.47%, or 13.39 points, to 2,886.73. The Nasdaq Composite index rose 1.05%, or 81 points, to 7,823.17.

Trump said late on Friday, he had suspended his plans to impose tariffs on Mexico after reaching an agreement with the state to stop the flow of illegal immigration. But he cautioned Mexico in a series of tweets on Sunday that if cooperation fails, he can always go back to the previous lucrative tariff setting.

Auto and consumer-related companies would have suffered from new tariffs. Ford rose 0.7% and General Motors gained 1.6%. Constellation Brands, which makes Corona beer, rose 2.3%.

So the market is closed today and Economists are looking forward to see what's next. There is a shareholder meeting for Tesla, in addition to the economic data, the producer price index for May is due at 8:30 ET which came below expectations last month.

The U.S. dollar index surged for the first time in three sessions to hover around 96.72 after it plunged to its lowest level since April 12 on Friday.

Ofeed Team

Ofeed’s team is comprised of highly distinguished analysts, with a wide experience in financial markets, having a unique analytical view of developments impacting global financial markets

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