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Financial markets responded positively to Trump’s nomination of Scott Bessent as Treasury Secretary, with major indices showing significant gains during Monday’s trading session.
The Dow Jones Industrial Average surged 475 points, representing a one percent increase, while the S&P 500 gained six-tenths of a percent. The Nasdaq Composite followed suit with a three-quarter percent rise.
The nomination of investor Scott Bessent as US treasury secretary is seen as a relief to Wall Street. His understanding of markets is expected to reduce the risk of severe tariffs https://t.co/FBYtRqCtZK pic.twitter.com/qqmktVot52
— Reuters (@Reuters) November 23, 2024
Small-cap stocks demonstrated particular strength, with the Russell 2000 index climbing 1.6 percent. This upward movement suggests market optimism about Bessent’s potential impact on domestic economic policies.
Bessent’s agenda focuses on implementing Trump’s tax reduction plans and aims to reduce the deficit to three percent of GDP through economic growth that outpaces government spending. He also supports leveraging tariff policies to enhance U.S. business competitiveness globally while protecting domestic manufacturers from unfair trade practices, particularly from China.
🚨The Bessent Rally 🚨
Stock prices hit new all time highs after President Trump's selection of Scott Bessent as Treasury Secretary.
"What a great way to start Thanksgiving week." – @Varneyco pic.twitter.com/QgrqSOu471
— Trump War Room (@TrumpWarRoom) November 25, 2024
In the bond market, Treasury yields experienced a notable decline, indicating reduced investor concerns about inflation and budget deficits. The inverse relationship between yields and prices showed increased demand for U.S. government securities.
While Asian markets presented mixed results, with Australia and Japan showing gains, Chinese markets declined.
