A broad stock rally propelled the Dow Jones, S&P 500, and small-cap focused Russell 2000 index to new record highs on Monday.
Investors were optimistic that President-elect Donald Trump’s selection for Treasury Secretary, Scott Bessent, would steer the economy effectively without triggering inflation.
The Dow rose 440.06 points, or 0.99 per cent, to 44,736.57. The broad S&P 500 gained 0.3 per cent to end at 5,987.37. The Nasdaq Composite ticked up 0.27 per cent, finishing the day at 19,054.84.
The Russell 2000 surged 1.47 per cent, surpassing its previous all-time high set in 2021 during session highs. More than three-quarters of S&P 500 stocks traded higher throughout the session.
Commodities saw a downturn, with oil and gold prices falling, potentially linked to optimism over a ceasefire in Lebanon.
Looking at the local market, the SPI futures are pointing to 0.2 per cent gain.
Overnight, iron ore rose by 2 per cent to US$102.55 a tonne, fueled by speculation of additional support from Chinese authorities to stimulate the country’s struggling economy.
Looking ahead, Brickworks and Ramsay Health Care are holding their annual general meetings today. Newmont Mining will begin trading ex-dividend.
Webjet has reported a 8 per cent decline in bookings in its first-half results since the demerger of its WEB Travel business earlier this year. Despite this drop, Webjet reported a modest rise in net profit.
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