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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 440.06 points, or 1%, to 44,736.57.
The S&P 500 index progressed 18.03 points to 5,987.37.
The NASDAQ Composite gained 51.18 points to 19,054.83.
Monday brought a broad market rally as investors cheered Trump’s plan to nominate Key Square Group founder Scott Bessent as Treasury secretary. Almost four out of five 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.
U.S. markets are dark Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week. During the shortened trading week, the interest rate outlook is likely to be a focus.
Prices for the 10-year Treasury cruised, lowering yields to 4.26% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices flopped $2.16 to $69.08 U.S. a barrel.
Prices for gold swooned $84.40 an ounce to $2,637.90 U.S.
