Stock Market Rises on Bessent Nomination

U.S. stock markets surged following President-elect Donald Trump's nomination of Scott Bessent as Treasury Secretary, with the Dow Jones Industrial Average climbing over 400 points. Investors view Bessent, a hedge fund veteran, as a market-friendly choice who may temper Trump's protectionist rhetoric and implement pro-growth policies. This optimism contributed to the S&P 500 and Nasdaq reaching record highs, while bank stocks and retail companies benefitted significantly from positive earnings reports. Despite some turbulence in technology shares, Nvidia's strong performance continues to attract attention amid concerns about sustainability. The market's positive response was also reflected in lower bond yields, indicating a calming of inflation fears. Analysts predict continued gains as investor confidence remains high heading into the holiday season.