Stock Futures Rising After Trump Picks Wall Street Ally Bessent as Treasury Secretary

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Stock futures were pointing to further gains on Monday, with the market cheered by President-elect Donald Trump choosing Wall Street veteran Scott Bessent to head up the Treasury Department.

Futures tracking the Dow Jones Industrial Average climbed 286 points, or 0.6%, after the index eked out another record close Friday. S&P 500 futures rose 0.5%, and Nasdaq 100 futures were up 0.6%.

Investors are feeling bullish about Trump nominating Bessent. The hedge fund manager is expected to support Trump’s plans to hike tariffs and slash taxes, but is also expected to encourage the president-elect to rein in government spending in a bid to address the mounting U.S. deficit.

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