GLOBAL MARKETS-Stocks Climb with Bonds, Dollar Dips as Markets Cheer US Treasury Pick

GLOBAL MARKET - NEW YORK/LONDON. MSCI's global equities gauge rose and U.S. government bonds rallied while the dollar fell on Monday as investors welcomed the incoming U.S. president's selection of fund manager Scott Bessent as the next U.S. Treasury secretary.

Wall Street indexes closed higher with the S&P 500 and the Dow touching intraday records as investors approved of Donald Trump's choice. Investors said they were hoping for tax cuts as well as fiscal caution from Bessent.