Still, Trump's nomination of Scott Bessent to the top Treasury post raised hopes that tariffs will be more measured. And with only 21 trading days left in the year, analysts, investors, and market watchers expect the good news for stocks to continue, barring any unforeseen events.

President-elect Donald Trump’s pick of Scott Bessent as Treasury secretary may give Beijing room to negotiate with the US over their trade tensions, in part due to his moderate stance on tariffs.

The hedge fund investor predicted last year that President-elect Donald J. Trump’s political fortunes were on the rise.

President-elect Trump selected billionaire investor Scott Bessent to lead the Treasury Department on Friday as the former president continues to call for an increase in tariffs and major shifts in the country’s global trade operations.

The early reviews for Treasury secretary nominee Scott Bessent from Wall Street are in — and they're positive. But now the hard part begins.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.

Now is one of the stronger times of the year for stocks. pic.twitter.com/Hh4kA7xx6V — Ryan Detrick, CMT (@RyanDetrick) November 26, 2024 The stock market rallied on Monday as investors reacted positively to President-elect Donald Trump’s nomination of Scott Bessent for Treasury Secretary.

If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.

In 1992, Bessent helped Soros pull off the firm’s greatest trade: shorting the British pound. The British government was part of the European Union at the time, and its central bank—the Bank of England—had committed to keeping the value of the pound within a strict range alongside other European currencies,

President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.