Wall Street buoyed by Bessent pick as US Treasury Secretary
US equity indexes flash green: Dow up the most at 1%
Real Estate sector leads all S&P 500 gainers
STOXX 600 up 0.1%
US dollar, oil, bitcoin, gold down
US 10-year yield falls to 4.292%
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WALL STREET BUOYED BY BESSENT PICK AS US TREASURY SECRETARY
Shares on Wall Street on Monday are lauding the nomination of hedge fund manager Scott Bessent as U.S. Treasury Secretary in the incoming Donald Trump administration.
The Dow is up 1%, with the S&P 500 and the Nasdaq also gaining on the day. Nine of the 11 S&P sectors are showing advances led by real estate.
Trump late on Friday said he will nominate Bessent as Treasury secretary, a cabinet position with vast influence over economic, regulatory and international affairs. Bessent is widely viewed as a voice for markets. As a fiscal conservative, he is likely to keep a leash on U.S. deficits.
"Though a proponent of tariffs, he leans more toward the targeted kind," writes BMO senior economist Sal Guatieri in this morning's research note. "He favors tax cuts, but also cutting government spending to control the budget deficit. He could be a steady hand in the administration."
Other asset classes also reacted to Bessent's nomination. The U.S. dollar is weaker on the somewhat diminished threat of tariffs, while Treasury prices rose on easing worries about the budget deficit, with the 10-year yield currently down 11 basis points at 4.30%.
The S&P 500 breached 6,000 points for the first time days after the election verdict and has jumped more than 4% since Nov. 4. The Russell 2000 index .RUT has surged more than 8% during the same period and both indexes are near their respective record highs.
The personal consumption expenditure report, the Federal Reserve's preferred inflation measure, will be on investors' radar this Thanksgiving week, along with the latest estimate on gross domestic product and minutes from the Fed's policy meeting earlier this month.
Here is a snapshot of asset prices:
(Gertrude Chavez-Dreyfuss)
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MONDAY'S OTHER LIVE MARKETS POSTS:
TARIFFS NOT ALWAYS INFLATIONARY - CLICK HERE
TRUMP HEALTHCARE PICKS PROVIDE CLARITY, BUT UNCERTAINTY ABOUNDS - CLICK HERE
POSITIVE OUTLOOK FOR EUROPEAN LUXURY, BUT POLARISATION CONTINUES - UBS CLICK HERE
STOXX STARTS ON POSITIVE FOOTING - CLICK HERE
EUROPEAN FUTURES HIGHER ON US TSY SEC. PICK, UNICREDIT MAKES DOMESTIC RIVAL BID - CLICK HERE
BONDS RALLY, DOLLAR DIPS ON TREASURY CHOICE -CLICK HERE
US early snapshot https://tmsnrt.rs/3OqYfdK
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