Wall Street Soars as Bessent Boosts Market Confidence

Wall Street indexes surged on Monday, with Russell 2000 reaching a peak, as Scott Bessent's nomination as U.S. Treasury secretary buoyed markets. This led to lower bond yields. Meanwhile, ceasefire discussions between Israel and Lebanon contributed to a decline in oil prices, impacting the Energy index negatively.

Wall Street experienced a significant rise on Monday, buoyed by positive reactions to Scott Bessent's nomination as U.S. Treasury secretary. The Russell 2000 index, representing small-cap stocks, achieved an all-time high, inspired by hopes for favorable fiscal policies, which led to a drop in bond yields.

In addition, talks surrounding a potential ceasefire between Israel and Lebanon helped lower oil prices, negatively impacting the Energy index by 1.7%. The market sentiment was further improved by President-elect Donald Trump's announcement of Bessent's nomination, which is expected to stabilize government borrowing concerns.

By early afternoon trading, major indexes showed gains: the Dow Jones rose by 399.52 points, the S&P 500 climbed 14.14 points, and the Nasdaq increased 26.83 points. The market's enthusiasm reflects optimism for business-friendly policies under the Trump administration, alongside a Republican Congress.

(With inputs from agencies.)