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Wall Street Cheers Trump’s Treasury Pick, Stocks Rise
U.S. stocks saw a significant rise on Thursday as Wall Street reacted positively to President-elect Donald Trump's announcement of his Treasury Secretary pick, hedge fund manager Scott Bessent. The Dow Jones Industrial Average climbed by 461 points, or 1.1%, while the S&P 500 and Nasdaq Composite also posted gains.
Investors welcomed Bessent's nomination, viewing it as a sign of stability and a potential boost to economic policies. The market's optimism was further fueled by strong earnings reports from companies like Nvidia, which exceeded profit and revenue expectations.
As the market continues to react to Trump's cabinet selections, all eyes will be on upcoming retail earnings reports and other economic indicators to gauge the future direction of the stock market.
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