[New York Stock Exchange] "Wall Street's New Treasury Secretary Comes"... Major Indices Rise Sharply

Dow Jones, Again at Record High

"Brent, Positive for Stock Market" Evaluation

Donald Trump, the U.S. presidential candidate, nominated Scott Brent, a Wall Street native, as the Treasury Secretary candidate, causing major indices on the New York Stock Exchange to rise sharply on the 25th (local time).

On this day, the Dow Jones Industrial Average closed at 44,736.57, up 440.06 points (0.99%) from the previous trading day. The Dow Jones reached a record high.

The Standard & Poor's 500 index closed at 5,987.37, up 18.03 points (0.30%). The tech-heavy Nasdaq Composite index recorded 19,054.84, up 51.18 points (0.27%).

Last weekend, the Trump candidate nominated Brent, the founder of the Kissinger Group, as the Treasury Secretary. Investors are evaluating him as a positive figure for the stock market. There is also anticipation that the new government's economic policies will be more aggressive in completing protectionist policies.

Brent, in an interview with CNBC before being nominated as Treasury Secretary earlier this month, said, "It's good that interest rates are temporarily rising," and expected, "If we combine all the other disinflationary factors that the Trump candidate talks about, we could see prices rise to the 2% inflation target again or even lower."

By category, it is known that the U.S. government will soon announce measures related to the new semiconductor export restrictions against China, and NVIDIA's stock price fell more than 4%.

The market capitalization also fell to $3.331 trillion, with Apple rising 1.31% to regain the top spot at $3.52 trillion.

Excluding NVIDIA and TSMC, other semiconductor companies such as Broadcom (0.36%), Qualcomm (1.29%), and AMD (2.01%) mostly rose.

The Palladium semiconductor index, composed of semiconductor-related stocks, also closed up 0.65%.

California Governor announced that even if the federal government stops subsidies for electric vehicles, it will continue to provide subsidies to electric vehicle companies except for Tesla, causing Tesla's stock price to plummet by 4%.

Conversely, other electric vehicle companies like Rivian saw their stock prices rise more than 13% in some cases.

Reporter Han Kyung-dong dong2@hankyung.com