Wall St closes higher; small-caps hit record high after Trump nominates Bessent
small-cap Russell 2000 index hitting an all-time high after Scott Bessent's nomination as U.S. Treasury secretary helped push bond yields lower.
Focus also turned to talks of a ceasefire deal between Israel and Lebanon, which pushed oil prices lower, dragging the Energy index 2% lower.
President-elect Donald Trump ended weeks of speculation when he named his choice late on Friday, with some investment strategists saying Bessent could take measures to restrain further government borrowing, even as he follows through on fiscal and trade campaign pledges.
The nomination of Bessent has eased some of the fiscal concerns about possible new tariffs, which had pushed bond yields higher ahead of the election.
«This time, focus is on tariff policy — especially now that the choice of Scott Bessent as Treasury secretary seems to have allayed major fiscal concerns,» said James Reilly, senior market economist at market desk Capital Economics.
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