Stock market today: Dow jumps after Trump picks Scott Bessent for Treasury

Published On Nov 25, 2024, 12:35 PM

The Dow Jones Industrial Average rose approximately 0.6%, reaching intraday record highs following the announcement of Scott Bessent as Treasury Secretary by President-elect Donald Trump. Investors reacted positively to this pick, as Bessent is seen as an 'investor favorite.' The market's optimism was buoyed by expectations for upcoming inflation data from the Federal Reserve, particularly the Personal Consumption Expenditures (PCE) index due on Wednesday. Meanwhile, tech stocks showed mixed results, with Nvidia experiencing a decline of about 3%. Overall, the market is trying to maintain its recent upward momentum following a strong performance last week.

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Stock Forecasts

SPYView SPY chart on TradingView

Positive

The selection of Scott Bessent as Treasury Secretary is seen as stabilizing, calming concerns over an inflationary agenda, which could lead to a more favorable economic environment. The potential for a sound fiscal policy under Bessent may support continued growth in stock prices, particularly in sectors sensitive to Treasury policy.

NVDAView NVDA chart on TradingView

Negative

Nvidia's recent stock drop amid broader market gains suggests potential short-term weakness, particularly as it was a significant performer previously. Investors need to be cautious with tech stocks that have previously driven the market, especially if economic stability leads to profit-taking.

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