Stocks end mixed after rally fades

Stocks barreled higher in the early going Monday after the United States and Canada agreed to a new trade deal, but the rally later ran out of momentum, leaving major U.S. indexes mixed.

Oil prices neared fouryear highs, and smaller companies suffered their biggest losses in three months.

Large industrial and basic materials companies made big gains. Energy firms rose as crude oil and natural gas prices climbed. Auto companies rose as investors felt tariffs on imported cars are less likely now.

Many investors saw the new trade deal as an update of the 1994 North American Free Trade Agreement, not a major overhaul.

“Most investors thought the NAFTA deal would end somewhat peacefully,” said Mark Hackett, chief of investment research at Nationwide Investment Management. “It’s an incremental positive to get it out of the news, but it’s not transformational.”

General Electric jumped 7.1% after it ousted Chairman and Chief Executive John Flannery. Tesla reversed its big Friday loss and soared 17.3%, its largest gain in five years, after founder Elon Musk and securities regulators settled a lawsuit in a way that allows Musk to remain CEO.

The Standard & Poor’s 500 index finished with a gain of 10.61 points, or 0.4%, to 2,924.59. The Dow Jones industrial average jumped 192.90 points, or 0.7%, to 26,651.21. The Nasdaq composite slipped 9.05 points, or 0.1%, to 8,037.30.

The Russell 2000 index of smaller and more U.S.-focused companies sank 23.58 points, or 1.4%, to 1,672.99, its biggest loss since late June.

Mexico’s main stock index rose 0.9%, and Canada’s rose 0.2%.

Among industrial companies, Boeing climbed 2.8% to $382.29 and Honeywell rose 1.1% to $166.44.

Benchmark U.S. crude climbed 2.8% to $75.30 a barrel in New York, its highest closing price since November 2014. Brent crude, used to price international oils, climbed 2.7% to $84.98 a barrel in London. It’s also trading at four-year highs.

Wholesale gasoline rose 2% to $2.13 a gallon. Heating oil rose 2.5% to $2.41 a gallon. Natural gas jumped 2.9% to a three-year high of $3.09 per 1,000 cubic feet.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.09% from 3.05%.

Gold fell 0.4% to $1,191.70 an ounce. Silver fell 1.4% to $14.51 an ounce. Copper fell 0.6% to $2.79 a pound.

The dollar rose to 113.99 yen from 113.58 yen. The euro fell to $1.1575 from $1.1610.