U.S. stocks climbed Monday as investors cheered President-elect Donald Trump's choice for Treasury secretary ahead of a shortened Thanksgiving trading week.
The Dow Jones Industrial Average traded 460 points higher, or 1%. The S&P 500 gained 0.8%, and the Nasdaq Composite climbed 1%.
Monday brought a broad market rally as investors applauded Trump's plan to nominate Key Square Group founder Scott Bessent as Treasury secretary. More than 450 S&P 500 stocks traded higher in the session, while the small cap-focused Russell 2000 advanced more than 1.5%.
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.
"I would recommend that tariffs be layered in gradually," Bessent said to CNBC in an interview earlier this month before he was picked. "If you take that price adjustment coupled with all the other disinflationary things President Trump is talking about, we're going to be at or below the 2% inflation target again."
Source : CNBC
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