The bull market continued its upward trajectory as the Nasdaq Composite and S&P 500 reached record highs, lifted by the strength in the technology sector. Tech heavyweights like Amazon and Paypal led the charge that saw the Nasdaq gain 1%.
Tech ETFs rallied off the boost in the indexes with the Vanguard Information Technology ETF Technology Equities (NYSEArca: VGT) gaining 0.93%, the Technology Select Sector SPDR Fund Technology Equities (NYSEArca: XLK) was up 1% and the First Trust Dow Jones Internet ETF (NYSEArca: FDN) was up 0.83% just before the close of the market.
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NAFTA Deal with Canada Looming
The markets were also boosted by a looming NAFTA deal with Canada as the country’s Foreign Affairs Minister Chrystia Freeland said that ongoing talks with the U.S. remain “constructive” despite the threat of punitive tariffs on Canadian-made cars if Canada spurns the prospect of a new North American Free Trade Agreement come Friday. Freeland praised Mexico’s trade concessions on autos and labor rights on Tuesday as she rejoined NAFTA talks.