Official Senate confirmation records

Dow Jumps 470 Points as Trump Names Scott Bessent Treasury Secretary

Nov 25, 2024, 03:43 PM

President-elect Donald Trump has nominated Scott Bessent as Treasury Secretary, leading to a significant rally in financial markets early Monday. The Dow Jones Industrial Average surged 470 points following the announcement, while US Treasuries rose on expectations that Bessent will dilute some of Trump's economic plans. Analysts suggest that Bessent, a veteran financier, could play a role similar to that of James Baker in previous administrations, potentially bringing experience and stability to Trump's economic team.