U.S. stocks began a shortened holiday week on a positive note, with the S&P 500 climbing 0.7%, the Dow Jones adding 390 points, and the Nasdaq jumping 0.9%.
US stocks increase after the bell
Investors reacted favorably to Donald Trump's announcement of hedge fund manager Scott Bessent as Treasury Secretary, viewing it as a source of stability. Bessent is expected to focus on political consistency, controlling the budget deficit, and likely adopting a moderate stance on tariffs.
All sectors are up
All sectors posted gains, with consumer discretionary leading the way. Amazon and Tesla both rose nearly 2%, while Nvidia dropped 1.3%. Meanwhile, traders are looking ahead to the FOMC minutes release tomorrow and key economic data this week, including the PCE report and the second GDP growth estimate.
