This Day in Wall Street History 1993: The Street reacts to NAFTA

In 1993, Wall Street licked its collective lips in anticipation of the imminent passage of NAFTA (North American Free Trade Agreement), the landmark global trade "liberalization" legislation that promised to be a boon to the business community.

Indeed, after months of heated political wrangling, which saw pro-labor forces and hard-line protectionists take their best shot at derailing NAFTA, the bill looked like to make its way into the law books.

This turn of events put traders in a giddy mood and, on Dec. 16, the Dow Industrial Average soared to a record high of 3710.77, marking the first time that markets closed above 3,700 points.

Source: History.com