Stock Surge as Scott Bessent Named Treasury Secretary

U.S. stock markets soared after Scott Bessent was nominated as Treasury Secretary, with optimism about potential fiscal conservatism and disciplined government borrowing measures. Despite fears of inflation, major indexes reached record highs, and big banks and tech stocks led gains. Investors await key economic reports this week.

U.S. markets soared early Monday in response to Scott Bessent's nomination for Treasury Secretary, reflecting investor optimism over potential fiscal conservatism and disciplined government borrowing policies.

The Dow E-minis gained 302 points, while the S&P 500 and Nasdaq 100 also witnessed notable increases. Major banks and technology stocks led the surge, with Wells Fargo and Morgan Stanley showing significant premarket gains.

Despite concerns of inflation due to policy shifts, major indexes like the S&P 500 and Russell 2000 reached near-record highs. Investors await reports on inflation and economic growth to gain further insights.

(With inputs from agencies.)