(Reuters) – The New York Stock Exchange opened higher on Monday, driven by investor optimism following the appointment of Scott Bessent as Treasury Secretary in the future Donald Trump administration.
In early trading, the Dow Jones index gained 324.65 points, or 0.73%, to 44,621.16 points and reached a new record, while the broader Standard & Poor’s 500 rose 0.57%. at 6,003.59 points.
The Nasdaq Composite takes 0.74%, or 141.14 points to 19,141.14.
After weeks of speculation, United States President-elect Donald Trump announced late Friday the nomination of Scott Bessent to succeed Janet Yellen as Treasury Secretary.
This choice is consistent with the Republican’s electoral promises, namely a laissez-faire policy and the use of customs duties as negotiating leverage in trade relations, even if some analysts point out that Bessent is more nuanced than Trump on the measures. protectionists.
“Bessent is seen as less aggressive on tariffs than some of Trump’s speeches. The decline in bond yields in response to his statement suggests that some concerns about a new wave of inflationary pressures from tariffs have eased,” said Russ Mould, investment director at AJ Bell.
US bond yields, which jumped after Donald Trump’s victory, fell on Monday as investors worried about a rebound in inflation and the increase in the federal budget deficit due to Donald Trump’s economic program .
“The beauty of this appointment is that Bessent is a fiscal conservative. This paves the way for greater fiscal discipline, which the market will really welcome,” said Joe McCann, chief executive of Asymmetric.
Investors are also awaiting the publication next Wednesday of the report on personal consumption expenditures (PCE), the preferred inflation indicator of the American central bank, which will be decisive for bets on the measures to be taken by the Fed during its meeting next month.
In stocks, the Macy’s store chain postponed the publication of its third quarter results on Monday, citing accounting problems and instead presented preliminary results which did not meet Wall Street’s expectations, which lowered its title of 3.4%.
Retail trading platform Robinhood Markets rises 6.9% after Morgan Stanley raised its recommendation from “online weight” to “overweight.”
(Written by Diana Mandiá, edited by Augustin Turpin)
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