The U.S. reached an agreement with Mexico on tariffs, easing some of the trade concerns which have weighed on the market since early May.
President Donald Trump announced Sunday that proposed tariffs on Mexican imports would be suspended indefinitely. Trump said in a Twitter post that he has “full confidence” that Mexico will crack down on migration from Central America, after the two neighbors reached a consensus.
Shares of GM and Ford, two companies that had a lot to lose in a trade battle with Mexico because of their production there, both jumped more than 1% on Monday.