The Dow and S&P 500 climbed to record highs Monday as stocks resumed their post-election rally and investors digested President-elect Trump’s selection of Key Square Group founder Scott Bessent to be Treasury Secretary. The Nasdaq was little changed.

Bond yields sank, helping lift shares of companies sensitive to interest rates, such as home builders like D.R. Horton (DHI). Shares of Enphase Energy (ENPH) and other solar power companies that benefit from lower borrowing costs also rose. 

Bath & Body Works (BBWI) shares took off after the personal care items retailer beat profit and sales estimates and raised its outlook on strong store traffic, customer loyalty, and optimism about the upcoming holiday season.

Shares of defense contractors Lockheed Martin (LMT) and Northrup Grumman (NOC) fell after Elon Musk, who is leading Trump’s new Department of Government Efficiency (DOGE), suggested on X that buying manned military aircraft was wasteful.

Shares of Oneok (OKE) dropped after the natural gas provider agreed to pay $4.3 billion for EnLink Midstream.

Oil and gold futures tumbled. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were mixed.