Stocks Join Bonds Higher on Trump’s Treasury Pick: Markets Wrap
- Small caps close near peak; Bitcoin rally fizzles out
- Oil drops as Israel moves closer to cease-fire with Hezbollah
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Stocks climbed with bonds while the dollar fell as traders welcomed Donald Trump’s pick of Scott Bessent for Treasury Secretary, betting the hedge-fund manager will bring a Wall Street mindset to the role.
The S&P 500 briefly topped 6,000 before paring gains. Small caps with typically domestic operations closed within a striking distance of their all-time highs. Treasuries rallied across the US curve, with the move led by longer maturities. Bitcoin slipped after a surge toward $100,000 fizzled just shy of the historic level. Oil sank as Israel moved closer to a cease-fire with Hezbollah.