{"id":425112,"date":"2024-11-26T16:08:02","date_gmt":"2024-11-26T16:08:02","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=425112"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Dow-ends-at-fresh-record-as-oil-prices-pull-back-on-ceasefire-hopes","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Dow-ends-at-fresh-record-as-oil-prices-pull-back-on-ceasefire-hopes\/","title":{"rendered":"Dow ends at fresh record as oil prices pull back on ceasefire hopes"},"content":{"rendered":"

US stocks rose Monday, with the Dow finishing at a fresh record as markets greeted Donald Trump’s pick for treasury secretary, while oil prices retreated on hopes for a ceasefire between Israel and Hezbollah.<\/p>\n

The Dow climbed one percent to a second straight all-time closing high on news of the selection of hedge fund manager Scott Bessent to lead the critical economic policy position.<\/p>\n

A widely respected figure on Wall Street, Bessent is seen as being in favor of growth and deficit reduction policies and not known overly fond of trade tariffs.<\/p>\n

The market “breathed a sigh of relief” at Bessent’s selection, said Art Hogan from B. Riley Wealth Management.<\/p>\n

But after an initial surge Monday, the gains in US equities moderated somewhat.\u00a0<\/p>\n

While investors are enthusiastic about the possibility of tax cuts and regulatory relief under Trump, “we do have to face the potential for tariffs being a negative as well as a very tight market around immigration, which is not positive for the economy,” Hogan said.<\/p>\n

Earlier, equity gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.<\/p>\n

Currently around 27,000 people are employed in the steel division, which has been battered by high production costs and fierce competition from Asian rivals.<\/p>\n

Elsewhere, crude oil prices fell decisively as Israel’s security cabinet prepared to decide whether to accept a ceasefire in its war with Hezbollah, an official said Monday.<\/p>\n

The United States, the European Union and the United Nations have all pushed in recent days for a truce in the long-running hostilities between Israel and Hezbollah, which flared into all-out war in late September.<\/p>\n

Speaking on condition of anonymity, an Israeli official told AFP the security cabinet “will decide on Tuesday evening on the ceasefire deal.”<\/p>\n

And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream.<\/p>\n

Bitcoin was recently trading under $96,000, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.<\/p>\n

This week’s data includes a reading of consumer confidence and an update of personal consumption prices, a key inflation indicator.<\/p>\n

Those reporting earnings include Best Buy, Dell and Dick’s Sporting Goods.<\/p>\n

– Key figures around 2140 GMT –<\/h2>\n<\/p>\n

New York – Dow: UP 1.0 percent at 44,736.57 (close)<\/p>\n

New York – S&P 500: UP 0.3 percent at 5,987.37 (close)<\/p>\n

New York – Nasdaq: UP 0.3 percent at 19,054.84 (close)<\/p>\n

London – FTSE 100: UP 0.4 percent at 8,291.68 (close)<\/p>\n

Paris – CAC 40: FLAT at 7,257.47 (close)<\/p>\n

Frankfurt – DAX: UP 0.4 percent at 19,405.20 (close)<\/p>\n

Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14\u00a0(close)<\/p>\n

Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)<\/p>\n

Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)<\/p>\n

Euro\/dollar: UP at $1.0495 from $1.0418 on Friday<\/p>\n

Pound\/dollar: UP at $1.2564 from $1.2530<\/p>\n

Dollar\/yen: DOWN at 154.23 yen from 154.78 yen<\/p>\n

Euro\/pound: UP at 83.51 pence from 83.14 pence<\/p>\n

West Texas Intermediate: DOWN 3.2 percent at $68.94 per barrel<\/p>\n

Brent North Sea Crude: DOWN 2.9 percent at $73.01 per barrel<\/p>\n

bur-jmb\/dw<\/p>\n

<\/p>\n

Donald Trump has nominated billionaire investor Scott Bessent to take over as Treasury secretary<\/p>\n

-Drew Angerer
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