Breaking News U.S. stocks bullish on Treasury secretary's nomination...Dow hits new high

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.

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.

The U.S. business community, which was anxious watching Trump's drastic Cabinet appointment, is relieved when Trump nominated Scott Bessent, the founder of the hedge fund "Key Square Group," as the first Treasury secretary in his second term in office.