Stock Market Today: Dow on track for record finish as Trump Treasury pick calms bond traders
Financial markets appear to view President-elect Donald Trump’s pick for Treasury secretary, Scott Bessent, as “an anchor of stability and responsibility” in the incoming administration’s cabinet, according to UBS Global Wealth Management.
“Bessent, who is well known and well regarded on Wall Street, heads the hedge fund Key Square Capital,” said Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, in a note Monday. “If approved by the Senate, he would be in charge of implementing and advocating for a broad swathe of Trump’s economic agenda.”
Bessent appears to be a “fiscal hawk,” she said, and “has voiced a more moderate tone on tariffs in recent public comments, suggesting using them as a tool for negotiations.”
U.S. Treasury bonds were rising Monday, with the rally sending the yield on the 10-year Treasury note down about 14 basis points to around 4.28% on Monday afternoon, according to FactSet data, at last check. U.S. stocks were up in afternoon trade, with the Dow Jones Industrial Average up 0.8%, the S&P 500 gaining 0.2% and the Nasdaq Composite rising 0.3%.