Stock market today: Asian shares mostly gain after Trump picks billionaire for Treasury post

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Currency traders work near the screens showing the Korea Composite Stock Price Index , left, the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, Nov. 25, 2024. In China, shares fell further, with the Shanghai Composite index giving up 0.4% to 3,255.39 and the Hang Seng in Hong Kong falling 0.5% to 19,131.82.

On Friday, stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high, gaining 1% to close at 44,296.51. The proposed choice was interpreted “as a sign that President-elect Trump might adopt a more measured approach to tariffs and fiscal policy. Bessent’s influence is expected to bring nuanced economic strategies to the forefront, potentially easing concerns over abrupt policy shifts,” Stephen Innex of SPI Asset Management said in a commentary.

Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology.

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Stock market today: Asian shares mostly gain after Trump picks billionaire for Treasury postShares are mostly higher in Asia, tracking last week's gains on Wall Street. Analysts said investors were viewing President-elect Donald Trump's choice of billionaire investor Scott Bessent as his nominee for Treasury secretary as a relatively market-friendly choice. Shares in China were lower and bitcoin fell slightly.
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