Stocks higher following Trump's Treasury pick
Major indices kicked off the holiday-shortened trading week with some solid gains on Monday as markets seemingly celebrated Donald Trump's pick for Treasury boss.
At the close, the Dow Jones Industrial Average was up 0.99% at 44,736.57, while the S&P 500 advanced 0.30% to 5,987.37 and the Nasdaq Composite saw out the session 0.27% firmer at 19,054.84.
The Dow closed 440.06 points higher on Monday, matching gains recorded in the previous session.
Stocks traded higher as sentiment got a boost from news that president-elect Donald Trump had tapped hedge fund manager Scott Bessent to take over as Treasury secretary, in line with the view that the new administration will zero in on boosting economic growth and cutting costs. The yield on the benchmark 10-year Treasury note fell more than thirteen basis points to 4.276%, while its two-year counterpart dropped almost eleven basis points to 4.275%.
US markets will be closed on Thursday in observance of the Thanksgiving break and will also shut up shop early on Friday
On the macro front, the Chicago Federal Reserve's national activity index decreased to -0.40 in October, down from 0.27 in September and missing forecasts for a drop to -0.20. October's reading marked the lowest print in nine months.
In the corporate space, Macy's, Nordstrom, Best Buy, and Dell Technologies will all report earnings before the end of the week.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walgreens Boots Alliance, Inc. (WBA) $9.06 7.66%
Cisco Systems Inc. (CSCO) $58.74 1.41%
Apple Inc. (AAPL) $232.87 1.33%
Intel Corp. (INTC) $24.87 1.18%
Microsoft Corp. (MSFT) $418.79 0.99%
Amgen Inc. (AMGN) $294.00 0.96%
Procter & Gamble Co. (PG) $176.36 0.00%
Dow Chemical Co. (DOW) $45.26 0.00%
JP Morgan Chase & Co. (JPM) $247.77 0.00%
American Express Co. (AXP) $296.71 0.00%
Dow Jones - Fallers
American Express Co. (AXP) $296.71 0.00%
Boeing Co. (BA) $147.47 0.00%
3M Co. (MMM) $126.67 0.00%
Coca-Cola Co. (KO) $63.99 0.00%
Procter & Gamble Co. (PG) $176.36 0.00%
Dow Chemical Co. (DOW) $45.26 0.00%
Walmart Inc. (WMT) $90.39 0.00%
International Business Machines Corporation (CDI) (IBM) $223.65 0.00%
Verizon Communications Inc. (VZ) $42.97 0.00%
JP Morgan Chase & Co. (JPM) $247.77 0.00%
S&P 500 - Risers
Walgreens Boots Alliance, Inc. (WBA) $9.06 7.66%
Microchip Technology Inc. (MCHP) $69.85 6.28%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $362.65 5.91%
American Airlines Group (AAL) $14.91 4.85%
Equinix, Inc. (EQIX) $974.35 4.81%
Nektar Therapeutics (NKTR) $1.10 4.76%
Align Technology Inc. (ALGN) $240.67 4.69%
Analog Devices Inc. (ADI) $223.58 4.60%
Western Digital Corp. (WDC) $69.43 4.59%
Illumina Inc. (ILMN) $143.82 4.36%
S&P 500 - Fallers
Nvidia Corp. (NVDA) $136.02 -6.50%
Netflix Inc. (NFLX) $865.59 -3.43%
Intuitive Surgical Inc. (ISRG) $536.55 -2.72%
Diamondback Energy Inc. (FANG) $179.55 -2.53%
Intuit Inc. (INTU) $634.62 -2.27%
VeriSign Inc. (VRSN) $181.91 -2.20%
Booking Holdings Inc. (BKNG) $5,108.83 -1.94%
Electronic Arts Inc. (EA) $164.14 -1.71%
NetApp Inc. (NTAP) $126.18 -1.68%
Expedia Group Inc. (EXPE) $184.08 -0.98%
Nasdaq 100 - Risers
Qurate Retail Inc. (QRTEA) $0.43 14.48%
Walgreens Boots Alliance, Inc. (WBA) $9.06 7.66%
Mercadolibre Inc. (MELI) $2,099.95 6.84%
Microchip Technology Inc. (MCHP) $69.85 6.28%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $362.65 5.91%
American Airlines Group (AAL) $14.91 4.85%
Align Technology Inc. (ALGN) $240.67 4.69%
Analog Devices Inc. (ADI) $223.58 4.60%
Western Digital Corp. (WDC) $69.43 4.59%
Illumina Inc. (ILMN) $143.82 4.36%
Nasdaq 100 - Fallers
Nvidia Corp. (NVDA) $136.02 -6.50%
Netflix Inc. (NFLX) $865.59 -3.43%
Intuitive Surgical Inc. (ISRG) $536.55 -2.72%
NetEase Inc. Ads (NTES) $85.40 -2.71%
Intuit Inc. (INTU) $634.62 -2.27%
Booking Holdings Inc. (BKNG) $5,108.83 -1.94%
JD.com, Inc. (JD) $34.51 -1.79%
Electronic Arts Inc. (EA) $164.14 -1.71%
Expedia Group Inc. (EXPE) $184.08 -0.98%
Costco Wholesale Corp. (COST) $960.89 -0.85%