Dow Soars 470 Points on Trump's Treasury Selection
SUMMARY
Wall Street rallied Monday as Scott Bessent's nomination as Treasury Secretary by President-elect Donald Trump boosted investor confidence. By 9:57 a.m. ET, the Dow had gained 471 points (1.06%), the Nasdaq rose 90 points (0.42%), and the S&P 500 climbed 33.53 points (0.56%). Bessent's expected moderate approach to tariffs eased concerns over potential inflationary pressures, which could impact Federal Reserve policies. Major banks, including Goldman Sachs (+1.4%), JPMorgan Chase (+1%), and Morgan Stanley (+1%), led gains, while Tesla surged 2.3%. Tech giants Alphabet and Amazon rose 0.8% and 1%, respectively. The S&P 500 reached record highs, crossing 6,000 points for the first time, with a Barclays projection of 6,600 by 2025. Crypto stocks also surged as Bitcoin approached $100,000. Investors now focus on key economic reports this week, including the Fed’s inflation gauge and GDP estimates.
