Stocks rose on Wednesday, putting the major averages on pace for their fourth straight day of gains ahead of the Thanksgiving holiday.
The Dow Jones Industrials index popped 314.67 points to 47,427.12
The S&P 500 index hiked 47.73 points to 6,812.61.
The NASDAQ improved 189.1 points to 23,214.60.
The S&P 500 and the Dow are pacing for their best weeks since late June, with the broad-based index being up more than 3% and the blue-chip Dow rising almost 3% week to date. The tech-heavy NASDAQ has seen a more than 4% gain this week, tracking for its best week since mid-May.
Treasury Secretary Scott Bessent told reporters Tuesday that there’s a “very good chance” that Trump will “make an announcement before Christmas” on who will be the next Fed chair.
While he said he was interviewing candidates, expectations are shifting toward White House National Economic Council Director Kevin Hassett, after Bloomberg reported he had emerged as a frontrunner for the job. Hassett is viewed as someone more likely to push for lower rates.
The stock market will be closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Prices for the 10-year Treasury eased, raising yields to 3.99% from Tuesday’s 4%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 65 cents to $58.60 U.S. a barrel.
Gold prices grabbed $22.60 to $4,162.60 U.S. an ounce.
