New York Stock Exchange Closes Higher On Bessent Nominations...the Dow's highest price

U.S. President-elect Donald Trump named Scott Bessent, a Wall Street native, as his nominee for Treasury secretary, which ended the New York stock market strong.

Expectations that U.S. hedge fund KeySquare founder Scott Bessent, named Treasury secretary under Trump's second-term administration, will adjust tariffs and immigration policies appropriately have spurred buying sentiment.

On the New York Stock Exchange, the Dow Jones 30 Industrial Average closed at 44,736.57, up 440.06 points and 0.99% from the previous trading day, setting a new record closing high.

The Standard & Poor's (S&P) 500 index closed at 5,987.37, up 18.03 points and 0.3% from the previous trading day.

The tech-heavy Nasdaq Composite closed at 19,054.84, up 51.18 points or 0.27% from the previous trading day.

Wall Street is looking forward to close communication with the White House in the future, as Bessent is viewed as a moderate economic and financial expert rather than Trump, despite his strong fiscal deficit, strong dollar and U.S. priority.