U.S. stocks close higher on treasury secretary nomination

NEW YORK, Nov. 25 (Xinhua) — U.S. stocks ended higher on Monday, as the equities market is aiming to build on last week’s rally while investors gear up for a busy earnings week.
The Dow Jones Industrial Average rose 440.06 points, or 0.99 percent, to 44,736.57, hitting new all-time highs. The S&P 500 added 18.03 points, or 0.30 percent, to 5,987.37. The Nasdaq Composite Index increased 51.18 points, or 0.27 percent, to 19,054.83.
Nine of the 11 primary S&P 500 sectors ended in green, with real estate and consumer discretionary leading the gainers by adding 1.28 percent and 0.99 percent, respectively. Meanwhile, energy and technology led the laggards by losing 2.01 percent and 0.35 percent, respectively.
Scott Bessent, the founder of Key Square Group, is seen by investors as a market-friendly choice likely to support equity growth. His nomination for the U.S. Treasury Secretary is also viewed as a moderating influence on President-elect Donald Trump’s more protectionist policies, including his controversial stance on taxing imports.
“I would recommend that tariffs be layered in gradually,” Bessent said earlier this month before he was picked. “If you take that price adjustment coupled with all the other disinflationary things President Trump is talking about, we’re going to be at or below the 2 percent inflation target again.”
Meanwhile, shares of Super Micro Computer surged 12 percent on Monday, continuing their sharp recovery after unveiling a plan last week to avoid delisting by Nasdaq. The server maker and Nvidia partner had faced months of declines due to significant accounting issues but has nearly doubled in value over the past week.
While Monday’s earnings calendar was relatively quiet, a flurry of reports is expected on Tuesday. Companies like Dell Technologies, CrowdStrike, Workday, HP, and Best Buy are set to release quarterly results, potentially setting the tone for markets.
Deutsche Bank set an ambitious target of 7,000 points for the S&P 500 by the end of 2025, citing strong earnings growth and favorable market conditions. Meanwhile, Barclays revised its 2025 S&P 500 forecast upward to 6,600, up from its prior target of 6,500, driven by a resilient U.S. economy, easing inflation pressures, and robust earnings potential from mega-cap tech companies.
Investors will continue to monitor corporate earnings and economic indicators this week for further insight into the market momentum. ■