Stocks Rally to New Heights as Trump Names Treasury Secretary
The holiday-shortened week began with strong performances from major stock indexes. Both the Dow and S&P 500 achieved new record highs, with the Dow gaining over 440 points for its fourth consecutive win. This bullish trend was partly fueled by President-elect Donald Trump’s recent cabinet choice.
Scott Bessent, appointed as Treasury Secretary and a hedge fund manager, propelled small-cap stocks to new heights, helping the Russell 2000 Index (RUT) reach all-time highs. Concurrently, Treasury yields and the U.S. dollar experienced declines, with the former dropping more than 14 basis points.
Read on for more insights from today’s market:
- Retail stock sees a surge ahead of earnings.
- Three EV stocks make significant movements.
- Furthermore, a software stock gains momentum, a top retail stock is highlighted, and Bath & Body Works announces an earnings report.
5 Key Updates for Today
- Intel (INTC) is nearing a deal with the Commerce Department for a grant of approximately $8 billion to boost its chip manufacturing capabilities. (CNBC)
- U.S. President Joe Biden and French President Emmanuel Macron are anticipated to announce a ceasefire concerning Israel and Hezbollah within the next 36 hours. (Reuters)
- What factors contributed to the rise of this software stock?
- Analysts have designated Target stock as a “top pick.”
- Bath & Body Works reports impressive beat-and-raise results.
Oil and Gold Prices Retreat Amid Global Concerns
Following last week’s highs, oil futures fell Monday as markets responded to new nuclear threats from Russia. During the session, January West Texas Intermediate (WTI) crude dropped by $2.30, or 3.2%, closing at $68.94 per barrel.
Gold prices also decreased, breaking a five-day winning streak, reportedly influenced by the ceasefire between Israel and Hezbollah. Gold for December delivery was last observed down 3.4% at around $2,620.80 an ounce.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
