The U.S. stock market took off at the back half of the day, bolstered by banking and related financial stocks that soared in an apparent deregulatory push by Washington.
The S&P 500 rose 0.2%, the Dow jumped 646 points, or 1.3%. The Nasdaq closed down 0.3%. For most of the day, the S&P 500 and Nasdaq marked large losses.
The exciting finish can be credited, in part, to Treasury Secretary Scott Bessent further pushing the Republican deregulatory agenda. In a letter posted on X, he offered a look into what’s next for the Financial Oversight Stability Council, a body set up after the 2010 financial crisis.
