Stocks fluctuated on Monday as Wall Street continued to pick apart the likely policies of President-elect Donald Trump.
The S&P 500 was down 0.11%, the Dow Jones Industrial Average pare gains but was still up 0.05% to 18,856, and the Nasdaq slipped 0.42%. The Dow closed at new records on Thursday and Friday and secured a new all-time high of 18,918 earlier Monday.
Trump and his family appeared on 60 Minutes on Sunday evening in his first televised appearance since Tuesday's election. Trump outlined his plans to appoint an anti-abortion Supreme Court Justice, again refused to release his tax returns, and offered few details on his proposed wall along the southern U.S. border and his plans to replace Obamacare.
Also on Sunday, Trump appointed Republican National Committee Chairman Reince Preibus as his chief of staff and Steve Bannon as his chief strategist. Bannon is a controversial figure having been an instrumental player in the rise of the alt-right, a movement that often is associated with certain white supremacist ideas. He leads the Breitbart news site, a leading mouthpiece of the GOP's anti-establishment wing.
The Dow rocketed higher last week, fueled by gains in financials and pharmaceutical stocks, after President-elect Donald Trump's election night victory. While most of his policies remain murky, investors bet big that Trump would loosen banking regulations and not pursue Democratic candidate Hillary Clinton's plan to address price gouging at drug companies. The Dow ended with its best weekly gain since 2011.
Treasury yields surged on Monday as investors feared faster inflation from Trump's spending plans would drive the Federal Reserve to hike rates at a faster pace to stay ahead of the curve. Trump proposed a "$1 trillion over a 10-year period" infrastructure stimulus plan in his victory speech last week. The yield on the 10-year Treasury note rose to 2.293% on Monday, its highest since the beginning of the year.