The Dow Jones Industrial Average surged more than 400 points to close at a new record high on Monday. Investors cheered President-elect Donald Trump’s pick of Scott Bessent for Treasury Secretary. The S&P 500 and Nasdaq Composite also rose, gaining 0.3% each.
Now is one of the stronger times of the year for stocks. pic.twitter.com/Hh4kA7xx6V
— Ryan Detrick, CMT (@RyanDetrick) November 26, 2024
Trump names Bessent Treasury Secretary
Bessent’s nomination has calmed nerves about Trump’s inflationary agenda. Following the announcement, the 10-year Treasury yield dipped back under 4.3%. Investors will watch Wednesday’s Personal Consumption Expenditures index release for signs of inflation.
The past 10 times the S&P 500 was up 20% or more YTD heading into December saw stocks higher in December nine times.
Avg gain of 2.4% vs avg December gain of 1.5%.
Don't give up on the bull just yet. pic.twitter.com/kDH0Stoyhn
— Ryan Detrick, CMT (@RyanDetrick) November 25, 2024
Cruise line stocks climbed on Monday, with Norwegian Cruise Line Holdings Ltd. and Carnival Corporation up more than 30% year-to-date. Royal Caribbean Cruises has soared over 80% in 2024.
📈#Nifty closed slightly in red after 2 session of advances
Here's how the markets panned out today!👇#StockMarketUpdate #StockMarketIndia #Stockmarkets #StockMarket #stockmarketnews pic.twitter.com/HuyfU7HWXi
— ET NOW (@ETNOWlive) November 26, 2024
Bank of America raised price targets on all three stocks, citing a resurgence in demand for cruises.
Sensex Today | Stock Market LIVE Updates: Sensex down 250 points, Nifty below 24200; auto, pharma under pressurehttps://t.co/3J6mAaZ94U
— ET NOW (@ETNOWlive) November 26, 2024
Added Stock News Here
The Russell 2000 small cap index rose more than 2% on Monday, reaching its highest level since November 2021.
The index has rallied more than 20% this year as the Fed began cutting interest rates. Strategists at RBC Capital Markets and Barclays are projecting further gains for US stocks in 2025. Both firms issued a year-end target of 6,600 for the S&P 500, suggesting a 10.5% increase from current levels.
MicroStrategy announced it purchased another 55,000 bitcoins last week for $5.4 billion. The company now holds approximately 386,700 bitcoins, acquired at an average price of $56,761 per coin. Oil prices dropped more than 2% on reports of a potential ceasefire between Israel and Lebanon-based Hezbollah.
West Texas Intermediate crude fell below $70 per barrel on the news. Markets will close on Thursday for Thanksgiving and close early on Friday. Trading volumes are expected to be light during the holiday-shortened week.
