The unexpected US-Japan trade deal announced Wednesday may end up being a tipping point for the fortunes of many sectors in the stock market — with losers turning into winners, and vice versa.

The Dow Jones Industrial Average rallied 507 points, or 1.1%, and the Nasdaq composite climbed 0.6% to hit its own record. Stocks jump

Shares in global carmakers surged after a U.S. trade agreement with Japan sparked optimism for the auto industry. Japanese auto stocks were particularly buoyant, with Toyota closing up 14%, its bigges