Dow, S&P 500 Hit Records as Financial Stocks Soar

Core Viewpoint - The U.S. stock market experienced a significant rally in the latter half of the day, primarily driven by gains in banking and financial stocks, attributed to a deregulatory push from the government [1][2] Group 1: Market Performance - The S&P 500 increased by 0.2% while the Dow surged by 646 points, equivalent to a 1.3% rise [1] - The Nasdaq, however, closed down by 0.3% after experiencing substantial losses earlier in the day [1] Group 2: Government Influence - Treasury Secretary Scott Bessent is actively promoting the Republican deregulatory agenda, which is seen as a catalyst for the market's positive performance [2] - A letter from Bessent outlined future plans for the Financial Oversight Stability Council, established post-2010 financial crisis, indicating ongoing efforts to reshape financial regulations [2]