Stocks Push Higher on Hopes for Trump’s Treasury Pick

“Known for his moderate stance on tariffs, Bessent is seen as a steady hand, likely to bring more stability to the US economy and financial markets,” said Fawad Razaqzada, an analyst at Forex.com.

Stocks rose Monday on both sides of the Atlantic as traders welcomed Donald Trump’s pick for Treasury secretary, seen as a steady hand with ambitious goals to spur growth in the world’s biggest economy.

The nomination of billionaire investor Scott Bessent also pushed down the dollar, on hopes he would pursue lower inflation that would limit the Federal Reserve’s need to keep interest rates high.

A widely respected figure on Wall Street, Bessent is seen as being in favour of growth and deficit reduction policies, analysts say.

“Known for his moderate stance on tariffs, Bessent is seen as a steady hand, likely to bring more stability to the US economy and financial markets,” said Fawad Razaqzada, an analyst at Forex.com.

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