Dow takes 250 points after the US and Canada have reached an agreement to replace NAFTA

Drew Angerer | Getty Images News | Getty Images

Traders are working on the floor of the New York Stock Exchange (NYSE) before the closing bell on November 30, 2017 in New York.

Canada and the United States have concluded a trade agreement to replace the current North American Free Trade Agreement (NAFTA). According to a senior official of the US administration, the new agreement should be called an agreement between the United States, Mexico and Canada, or "USMCA".

This agreement will provide better market access for US dairy producers, while Canada has effectively limited car exports to the United States. Both countries, as well as Mexico – which agreed to an agreement earlier this year – are expected to sign the agreement before the end of November. It would then be transmitted to Congress.

Shares of Ford and General Motors both jumped more than 1% as a result of the news. Boeing and Caterpillar, also sensitive to market intelligence, grew by 1.3% and 1.1% respectively.

Movements on Wall Street came after the S & P 500 recorded its best quarter since 2013, after rising 7.2% over this period.

Tesla shares jumped more than 15% after CEO Elon Musk settled the fees with the Securities and Exchange Commission following its recent bid to drop the company.

Under the settlement, Musk will relinquish his position as Chairman of the Tesla Board for at least three years. Tesla and Musk will pay $ 20 million each.

Meanwhile, General Electric jumped 14% after the company resigned from CEO John Flannery and named Lawrence Culp as his successor.