Wall Street Gains After Bessent Nomination

Wall Street's main indexes rose on Monday, driven by the nomination of Scott Bessent as U.S. Treasury secretary, which helped lower bond yields and alleviate fiscal concerns related to potential new tariffs. The small-cap Russell 2000 index reached an all-time high, outperforming larger indexes, with analysts suggesting that it could continue to climb due to broader economic growth. The Dow Jones Industrial Average rose by nearly 440 points, while the S&P 500 and Nasdaq also experienced moderate gains. Discussions surrounding a ceasefire in the Middle East contributed to lower oil prices, negatively impacting the energy sector. Economists noted that expectations of business-friendly policies from President-elect Trump and a Republican Congress are benefiting small-cap companies. Barclays and Deutsche Bank have also raised their forecasts for the S&P 500, indicating positive sentiment in the market.