{"id":122261,"date":"2019-06-10T22:00:25","date_gmt":"2019-06-10T22:00:25","guid":{"rendered":"https:\/\/www.bnreport.com\/wall-street-rallies-after-trump-calls-off-mexico-tariffs\/"},"modified":"2019-06-10T22:00:25","modified_gmt":"2019-06-10T22:00:25","slug":"wall-street-rallies-after-trump-calls-off-mexico-tariffs","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/wall-street-rallies-after-trump-calls-off-mexico-tariffs\/","title":{"rendered":"Wall Street rallies after Trump calls off Mexico tariffs"},"content":{"rendered":"<p>Wall Street&#039;s main indexes climbed on Monday, as investors were relieved after the United States abandoned its plans to impose tariffs on Mexican goods.<\/p>\n<p>Mexico on Friday agreed to step up efforts to stem the flow of illegal Central American migrants, following threats from U.S. President <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Donald-Trump\" rel=\"noreferrer noopener\" target=\"_blank\">Donald Trump<\/a> to impose a 5% import tariffs on all Mexican goods starting Monday.<\/p>\n<p>&quot;Both the U.S. economy and the Mexican economy would have been worse off had the tariffs been imposed,&quot; said David Kass, professor of finance at the University of Maryland.<\/p>\n<p>&quot;Investors are also optimistic today in the hope that the trade war with China will also be resolved in the near future,&quot; Kass said.<\/p>\n<p>U.S. automakers, which have long built vehicles in Mexico, traded higher, with <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/General-Motors\" rel=\"noreferrer noopener\" target=\"_blank\">General Motors<\/a> Co gaining 2.4% and Ford Motor Co 1.1%. Corona beer maker Constellation Brands , which has significant Mexico exposure, was up 2.4%.<\/p>\n<p>Technology stocks rose 1.5% and provided the biggest boost among the nine major S&amp;P sectors trading higher.<\/p>\n<p>Large-cap companies, including Apple Inc, <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Microsoft\" rel=\"noreferrer noopener\" target=\"_blank\">Microsoft<\/a> Corp, Amazon.com and JPMorgan Chase, rose between 2% and 3.5% and bolstered the markets.<\/p>\n<p>However, shares of United Technologies Corp and Raytheon Co came under pressure after Trump said he was a &quot;little concerned&quot; about their merger as it could take away competition in the sector.<\/p>\n<p>The two companies on Sunday agreed to merge to create a new firm worth about $121 billion. United Technologies Corp was down 2.3%, while Raytheon Co was up 2.1%.<\/p>\n<p>At 10:24 a.m. ET, the <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Dow-Jones\" rel=\"noreferrer noopener\" target=\"_blank\">Dow Jones<\/a> Industrial Average was up 165.45 points, or 0.64%, at 26,149.39. The S&amp;P 500 was up 21.58 points, or 0.75%, at 2,894.92 and the <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Nasdaq\" rel=\"noreferrer noopener\" target=\"_blank\">Nasdaq<\/a> Composite was up 112.88 points, or 1.46%, at 7,854.98.<\/p>\n<p>Only the defe<a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/wall-street-rallies-after-trump-calls-off-mexico-tariffs\/articleshow\/69729239.cms\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street&#039;s main indexes climbed on Monday, as invest..<\/p>\n","protected":false},"author":1,"featured_media":122262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-122261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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