When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

Investors are “appreciative” of Trump’s nomination of the “business-as-usual” Bessent as Treasury secretary, remarked one strategist.

Hedge fund chief Scott Bessent’s Friday nomination to become the US Treasury Secretary is offering bond investors a glimpse into the incoming administration’s sweeping economic agenda after an extended search that included multiple prominent contenders.

Hedge fund executive Bessent will be Trump’s primary conduit to Wall Street investors who are skeptical of the president-elect's punishing trade agenda.

While little has been reported about his wealth, a look at Bessent's winning bets while working in finance offer some insight into how me made his fortune.

Stocks: After underestimating the past two years, Wall Street strategists are back to being bullish. Year-end targets from firms including Goldman Sachs and Morgan Stanley fall near the 6,600 line — representing an advance of about 11.7% from Friday’s close.

Scott Bessent, the little-known Wall Street investor who became one of President-elect Donald Trump's top economic advisers, has been nominated to be the next treasury secretary in Trump's new administration.

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.

Good morning. Trump’s Treasury pick shows the president-elect doesn’t want to rile Wall Street. More women are rising through the ranks of finance in Saudi Arabia, boosting its economy. And Eurovision sings on,