Wall Street's main indexes rose Monday, driven by investor optimism following Scott Bessent's nomination as Treasury Secretary in the incoming Trump administration.

At 9:57 a.m. ET, the Dow was up 471.00 points, or 1.06%; Nasdaq was up 90.00 points, or 0.42%; and the S&P 500 was up 33.53 points, or 0.56%.

President-elect Donald Trump ended weeks of speculation when he named his choice late on Friday, with some investment strategists saying Bessent could take measures to restrain further government borrowing, even as he follows through on fiscal and trade campaign pledges.

"He (Bessent) might have a moderate approach to tariffs and that's good news, because one of the fears is that if Trump does impose strong tariffs, that could be inflationary and would mean the Fed would have to perhaps reverse the present monetary policy," said Peter Cardillo, chief market economist at Spartan Capital Securities, New York.

Yields on Treasury bonds had surged after Trump's victory on expectations that his policies, considered broadly positive for the economy and big corporates, could stoke inflationary pressures and slow down the pace of the Federal Reserve's monetary policy easing.

Big banks gained, with Goldman Sachs rising 1.4%, JPMorgan Chase & Co up 1% and Morgan Stanley adding 1% in premarket trading, while popular 'Trump trade' Tesla advanced 2.3%.

Among megacaps, Alphabet and Amazon.com rose 0.8% and 1%, respectively.

The benchmark S&P 500 crossed 6,000 points for the first time days after the election verdict and has jumped more than 4% since Nov. 4. The Russell 2000 index has surged more than 8% during the same period and both indexes are near their respective record highs.

Brokerage Barclays raised its full-year 2025 forecast for the S&P 500 to 6,600 points from 6,500.

Expectations for what the U.S. Federal Reserve's policy move is likely to be in December have recently swayed between a pause and a cut. The CME Group's FedWatch Tool shows a nearly 55.7% probability the central bank will lower borrowing costs by 25 basis points.

The Personal Consumption Expenditure report, the central bank's preferred inflation gauge, will be on investors' radar this Thanksgiving week, along with the latest estimate on gross domestic product and minutes from the Fed's policy meeting earlier this month.

Macy's recouped early losses and was last down 0.4% after the department store operator delayed the publication of its third-quarter results due to an accounting issue.

Crypto stocks such as MicroStrategy advanced 4.1%, MARA Holdings rose 5.2% and Coinbase added 2.6%, with bitcoin prices just shy of the $100,000 mark.

Bath & Body Works raised its forecast for full-year adjusted profit, sending the retailer's shares up 19.1%.

Peabody Energy dropped 1.8% after Anglo American decided to sell its remaining Australian steelmaking coal mines to the company for up to $3.78 billion in cash.

Retail trading platform Robinhood Markets advanced 7% after Morgan Stanley raised its rating on the stock.