Stocks rise, Bitcoin and gold correct as markets respond to Trump policies
NEW YORK (November 25) Safe-haven assets fell under pressure on Monday while stocks climbed higher as investors reacted to President-elect Donald Trump's choice of Scott Bessent for Treasury secretary and braced for the October Personal Consumption Expenditures (PCE) report, set to be released on Wednesday.
“U.S. stocks edged higher Monday as Wall Street entered a shortened Thanksgiving week,” noted analysts at Secure Digital Markets. “With markets closed Thursday and an early close Friday, expect lower trading volume.”
“Meanwhile, President-elect Donald Trump announced plans to nominate Scott Bessent, founder of Key Square Group, as Treasury Secretary—a move welcomed by investors,” they added. “The market sees Bessent as a stabilizing figure who could temper Trump’s more aggressive protectionist policies, giving equities a potential tailwind.”
After opening higher, stocks faced downward pressure near midday but largely stayed in the green for a positive close, with the S&P, Dow, and Nasdaq finishing up 0.30%, 0.99%, and 0.27%, respectively.
Gold’s rally last week was met with selling on Monday as traders saw the uptick in price as an opportunity to take profits. At the time of writing, spot gold trades at $2,624.90, a decline of 3.35% on the session.
Data provided by TradingView shows that Bitcoin also experienced a sell-off to start the shortened holiday week, falling from support at $98,000 to hit a low of $94,444, with bears looking poised to challenge lower support levels.
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