Hopes for NAFTA Replacement Send Stocks Higher

Stocks rose on Wall Street, sending the Nasdaq above 8,000 for the first time, after the White House said it has reached a preliminary agreement with Mexico on replacing NAFTA, the AP reports. Automakers, which would stand to benefit from warmer trade relations between the US and Mexico, rose sharply on Monday. General Motors climbed 4.7%. The deal is far from final, and the US still needs to reach an understanding with Canada, the third party in the accord and the second-largest trading partner of the US. Banks, technology and industrial companies also made big gains. The S&P 500 rose 22 points, or 0.8%, to 2,896. The Dow Jones Industrial Average gained 259 points, or 1%, to 26,049. The Nasdaq climbed 71 points, or 0.9%, to 8,017. (More stock market stories.)