Wall St closes higher; small-caps hit record high after Trump nominates Bessent
By Saeed Azhar, Johann M Cherian and Purvi Agarwal
Mon November 25, 2024 4:36 PM
Wall Street apparently very much approves of Scott Bessent, Trump’s nominee for Treasury Secretary, which has eased concerns about possible tariffs, and this shot the Dow way up as industrials as well as underperforming small caps are now seeing the benefit of the rate cuts, the Dow achieving another very impressive 3-digit gain. But tech has continued to be choppy and gains modest due to strong economic data which has raised doubts as to whether the Fed will slow down the rate cuts. The odds of a December cut vs a pause has once again been reduced to about 50/50. But overall, the day saw much enthusiasm with industrials and small caps which was reflected in the volume of 16.7 billion, way above the 14.9 billion average.
DJ: 44,296.51 +426.16 NAS: 19,003.65
+31.23 S&P: 5,969.34
+20.63 11/22
DJ: 44,736.57 +440.06 NAS: 19,054.84 +51.19 S&P: 5,987.37 +18.03 11/25
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