US stocks rose Monday, with the Dow finishing at a fresh record as markets greeted Donald Trump’s pick for treasury secretary, while oil prices retreated on hopes for a ceasefire between Israel and Hezbollah.
The Dow climbed one percent to a second straight all-time closing high on news of the selection of hedge fund manager Scott Bessent to lead the critical economic policy position.
A widely respected figure on Wall Street, Bessent is seen as being in favor of growth and deficit reduction policies and not known overly fond of trade tariffs.
The market “breathed a sigh of relief” at Bessent’s selection, said Art Hogan from B. Riley Wealth Management.
But after an initial surge Monday, the gains in US equities moderated somewhat.
While investors are enthusiastic about the possibility of tax cuts and regulatory relief under Trump, “we do have to face the potential for tariffs being a negative …