Wall Street Sees Gains Following Trump's Pick of Bessent for Treasury

U.S. stock markets saw gains on Monday following President-elect Donald Trump's nomination of Scott Bessent for Treasury.

U.S. stock markets saw gains on Monday following President-elect Donald Trump's nomination of Scott Bessent to head up the Department of the Treasury on Friday.What Are Analysts Saying?The S&P 500 climbed 0.8 percent in early trading, as it is on pace to edge past its all-time high set earlier this month. The Dow Jones Industrial Average added 459 points, or 1 percent, to extend its record-breaking streak, while the tech-heavy Nasdaq Composite also rose by 1 percent.

Investors are now closely eyeing an upcoming inflation report set for Wednesday, which could shape the Fed's monetary strategy. Economists expect an uptick in the Fed's preferred inflation measure to 2.8 percent in October from 2.7 percent in September. Elevated inflation levels may limit the Fed's ability to deliver aggressive rate cuts next year.

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