Stocks closed higher on Wall Street Monday, sending the Dow Jones Industrial Average to another all-time high.
- The Dow rose 440.06 points, or 1%, to 44,736.5, adding to the record it set on Friday.
- The S&P 500 rose 18.03 points, or 0.3%, to 5,987.37.
- The Nasdaq composite rose 51.18 points, or 0.3%, to 19,054.84.
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. Bessent has argued for reducing the US government's deficit, and his nomination could soothe worries on Wall Street that Trump's policies may lead to a much bigger deficit, which in turn would put upward pressure on Treasury yields.
On Wall Street, Bath & Body Works jumped 16.5 % after delivering stronger profit for the latest quarter than analysts expected, the AP reports. The seller of personal care products and home fragrances also raised its financial forecasts for the full year, even though it still sees a "volatile retail environment" and a shorter holiday shopping season this year. Another big retailer, Macy's, said Monday its sales for the latest quarter were in line with its expectations, but it will delay the release of its full financial results. It found a single employee had intentionally hidden up to $154 million in delivery expenses, and it needs more time to complete its investigation. Macy's stock fell 2.2%.
Among the market's leaders were several companies related to the housing industry. Monday's drop in Treasury yields could translate into easier mortgage rates, which could spur activity for housing. Builders FirstSource, a supplier of building materials, rose 5.9%. Lower yields help make it cheaper for all kinds of companies and households to borrow money. They also give a boost to prices for stocks and other investments. That helped stocks of smaller companies lead the way, and the Russell 2000 index of smaller stocks jumped 1.5%. It's set to top its all-time high, which was set three years ago.
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