Stocks closed higher on Wall Street, sending the Dow Jones Industrial Average to another all-time high.
The Dow added 1 percent Monday to the record it set on Friday. The S&P 500 rose 0.3 percent, while the Nasdaq composite rose 0.3 percent.
Treasury yields eased in the bond market after President-elect Donald Trump said he wants Scott Bessent, a hedge fund manager, to be his Treasury Secretary. Smaller companies can feel a big boost from easier borrowing costs, and the Russell 2000 index of small stocks jumped 1.5 percent, closing just shy of the record high it set three years ago.
On Monday:
The S&P 500 rose 18.03 points, or 0.3 percent, to 5,987.37.
The Dow Jones Industrial Average rose 440.06 points, or 1 percent, to 44,736.57.
The Nasdaq composite rose 51.18 points, or 0.3 percent, to 19,054.84.
The Russell 2000 index of smaller companies rose 35.36 points, or 1.5 percent, to 2,442.03.
For the year:
The S&P 500 is up 1,217.54 points, or 25.5 percent.
The Dow is up 7,047.03 points, or 18.7 percent.
The Nasdaq is up 4,043.48 points, or 26.9 percent.
The Russell 2000 is up 414.96 points, or 20.5 percent.
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