Stocks rise on fiscal optimism as Bessent nominated for Treasury
US equity indexes green: Dow up the most at ~1%
Real estate leads S&P 500 sectors
US dollar, oil, bitcoin, gold down
US 10-year yield falls to 4.265%
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STOCKS RISE ON FISCAL OPTIMISM AS BESSENT NOMINATED FOR TREASURY
U.S. stocks rose broadly on Monday and small cap stocks hit a record high on optimism that Donald Trump's Treasury Secretary nominee Scott Bessent will be able to help boost growth while also improving the fiscal trajectory of the United States.
Bessent is expected to focus on bringing down the federal budget deficit and will address the rapidly ballooning federal debt. He is also seen as adopting a more moderate approach to tariffs that could ease fears over spiralling inflation.
A sharp drop in Treasury yields helped to boost risk appetite. Benchmark 10-year note yields US10YT=RR fell 15 basis points to 4.265%.
The small-cap Russell 2000 index .RUT hit a record high and real estate led gainers in the S&P 500 sub sectors .SPLRCR. The Dow Jones Industrial Average was the best performing major index, with a 0.99% return.
Trading volumes are expected to decline this week heading into Thursday's Thanksgiving holiday.
This week's main economic focus will be the Personal Consumption Expenditures Price Index due on Wednesday. The Federal Reserve will also release minutes from its Nov. 6-7 meeting on Tuesday.
Below is Monday's closing market snapshot:
(Karen Brettell)
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MONDAY'S OTHER LIVE MARKETS POSTS:
SOME CRYPTO-RELATED LISTED COMPANIES STILL UNDERVALUED -CLICK HERE
US TREASURY MAY FACE HIGHER AUCTION YIELDS AS THANKSGIVING APPROACHES - CLICK HERE
WILL BESSENT'S '3-3-3' STRATEGY TAME THE U.S. BUDGET DEFICIT? - CLICK HERE
WALL STREET BUOYED BY BESSENT PICK AS US TREASURY SECRETARY - CLICK HERE
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
Monitor https://tmsnrt.rs/4g1SgrN
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