BREAKING NEWS logo logo Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email Updated Mon, Nov 25 202412:40 PM EST Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email Dow rallies 200 points to all-time high as Trump’s Treasury pick calms bond market: Live updates Alex Harring Hakyung Kim Traders work on the floor of the New York Stock Exchange, (NYSE) in New York. Traders work on the floor of the New York Stock Exchange. Brendan McDermid | Reuters The Dow Jones Industrial Average and S&P 500 touched new records on Monday, kicking off the shortened trading week as investors cheered President-elect Donald Trump’s choice for Treasury secretary. The blue-chip Dow traded 235 points, or 0.5%, higher, while the broad S&P 500 gained 0.1%. Both hit new all-time highs in the session. The Nasdaq Composite hovered near the flatline, weighed down by drops in some megacap technology names. Traders cheered Trump’s plan to nominate Key Square Group founder Scott Bessent as Treasury secretary. More than 3 out of 5 S&P 500 stocks traded higher in the session. The small cap-focused Russell 2000 jumped more than 1.5% and also hit a fresh all-time intraday high. Investors see the hedge fund manager as someone who will be supportive of the equity market. They believe he may also help mitigate some of Trump’s most extreme protectionist policies, such as his stance on taxing imports. “I would recommend that tariffs be layered in gradually,” Bessent said to CNBC in an interview earlier this month before he was picked. “If you take that price adjustment coupled with all the other disinflationary things President Trump is talking about, we’re going to be at or below the 2% inflation target again.” Treasury yields and the U.S. dollar index pulled back following the Bessent pick late Friday. Indeed, the 10-year Treasury yield dropped more than 11 basis points in Monday’s session. These moves, paired with Monday’s equity market rally, show a “textbook” positive reaction to Trump’s decision, according to Quincy Krosby, chief global strategist at LPL Financial. “You can’t ask for a better reception from the market,” Krosby said. “This is the market applauding.” Big technology, on the other hand, was more mixed. While Amazon and Alphabet took legs up, Nvidia and Netflix dropped. Monday’s action adds to the narrative coming off last week’s gains that the postelection rally has once again picked up steam. After surging in the wake of the presidential race’s conclusion, the ascent had taken a breather as worries about rising yields and the potential for inflation from Trump’s policies took hold. U.S. markets are dark Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week. During the shortened trading week, the interest rate outlook is likely to be a focus. Investors will monitor the release of October’s personal consumption expenditure price index, the Federal Reserve’s preferred inflation measure, on Wednesday. Minutes from the Fed’s most recent policy meeting are also due out ahead of Thanksgiving. 36 Min Ago Hims & Hers shares jump in reaction to Trump’s FDA nominee Dr. Martin Makary, the chief medical officer of telehealth company Sesame, was named Friday as President-elect Donald Trump’s choice to head the Food and Drug Administration. The pick, which will need to be confirmed, may have sparked a rally in shares of Hims & Hers Health on Monday. The stock, which has more than tripled year to date, gained more than 13% in trading Monday. Both Sesame and Hims & Hers have sold compounded versions of popular GLP-1 medications such as semaglutide, the active ingredient in Novo Nordisk’s Ozempic and Wegovy, via a loophole that allows pharmacies to make compounded drugs that are in short supply. “Having an FDA leader that currently works for a company that operates as a GLP-1 compounder is at a minimum, we think a positive incremental development for the future of the broader compounded GLP-1 opportunity,” said Bank of America analyst Allen Lutz in a note to clients. Lutz cautioned that it is unclear whether Makary will be confirmed or if the FDA would take a more positive view on GLP-1 compounding. However, he views the news as “incrementally positive,” although Lutz reiterated his underperform rating on Hims & Hers Health stock. The regulatory agency is currently weighing whether tirzepatide, which is used in Eli Lilly’s Mounjaro obesity drug, is in shortage. — Christina Cheddar