The markets shot higher to start the week though investors noted how they closed off their highs of the session. The Dow 30 closed higher on the day by 77, the S&P 500 added 13 and the Nasdaq closed higher on the day by 81. The excitement came from the announcement that the U.S. had reached a deal with Mexico which would avoid the Trump tariffs going into effect today.
The Mexican ETF (NYSE: EWW) had a strong day on the news. The popular ETF returned back to the 200 day moving average which was about 1% higher than where it was prior to the tariff announcement hit.
Bonds pulled back today sending interest rates higher after a long a sharp decline over the last few weeks. This held back the already over bought Utility (NYSe: XLU) sector as well as REIT's (NYSE: FREL) which were also lower on the day.
In the world of individual stocks the media was focused on an announcement of a merger between two aerospace giants Raytheon (NYSE: RTN) and United Technologies (NYSE: UTX). Technical traders note the breakout on this news in Raytheon as the stock moved above the entire years range.
In other news Beyond Meats (NYSE: BYND) shares soared to new highs today, at one point trading nearly 100% higher in just the last two trading days. With a $10 billion valuation, Wall Street analysts are having a hard time keeping up with the projections for this new IPO.