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 30-stock index hiked 316.83 points to 44,613.34.
The much-broader index progressed 17.77 points to 5,987.74.
The NASDAQ Composite vaulted 81.59 points to 19,085.24.
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 450 S&P 500 stocks traded higher in the session.
Bath & Body Works jumped more than 18% after besting expectations of analysts polled by LSEG on both lines. Nordstrom, Best Buy, CrowdStrike and Dell Technologies are among well-known companies posting earnings results on Tuesday.
Big technology, on the other hand, was more mixed. While Amazon and Alphabet took legs up, Nvidia and Netflix dropped.
Monday’s action adds to the narrative coming off last week’s gains that the postelection rally has once again picked up steam. After surging in the wake of the presidential race’s conclusion, the ascent had taken a breather as worries about rising yields and the potential for inflation from Trump’s policies took hold.
Prices for the 10-year Treasury popped, lowering yields to 4.30% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices flopped $1.95 to $69.29 U.S. a barrel.
Prices for gold swooned $74.60 an ounce to $2,637.90 U.S.
