Dow rallies nearly 400 points to all-time high as Trump’s Treasury pick calms bond market
The Dow Jones Industrial Average and S&P 500 touched new records on Monday, kicking off the shortened trading week as investors cheered President-elect Donald Trump’s choice for Treasury secretary.
The blue-chip Dow traded 382 points, or 0.9%, higher, while the broad S&P 500 gained 0.4%. Both hit new all-time highs in the session. The Nasdaq Composite added 0.5%.
Monday brought a broad market rally as investors cheered Trump’s plan to nominate Key Square Group founder Scott Bessent as Treasury secretary. More than 4 out of 5 S&P 500 stocks traded higher in the session, and the small cap-focused Russell 2000 jumped more than 2%.
Investors viewed the pick favorably and see the hedge fund manager as someone who will be supportive of the equity market. They believe he may also help mitigate some of Trump’s most extreme protectionist policies.
Source: CNBC