The Dow Jones Industrial Average jumped 440 points to a record close on Monday after President-elect Donald Trumps pick for Treasury secretary, Scott Bessent, laid out his priorities including tax cuts.
In his first interview as Treasury nominee with The Wall Street Journal, Bessent said he will also focus on imposing tariffs, cutting spending and keeping the US dollar as the worlds reserve currency.
The Dow closed up 1% at 44,736.57, while the S&P 500 gained 0.3% and hit an intraday record.
The longtime hedge fund manager said he is focused on making Trumps 2017 tax cuts permanent, as well as eliminating taxes on tips, social security benefits and overtime pay.
Bessent himself is a very prominent investor and has a stellar track record which makes him a great choice, and the markets are responding to the excitement about how they think he will handle fiscal policy and interest rates, Ted Jenkin, co-founder and business consultant at oXYGen Financial, told The Post.
On Friday, Trump nominated the seasoned hedge fund manager, who has studied economic history for around 40 years, as US Treasury Secretary.
That’s despite protests from Elon Musk, who donated millions to Trump campaign efforts and rallied in swing states on the president-elects behalf. Musk had dogged Bessent as a business-as-usual choice, and threw his support behind Howard Lutnick, who Trump ended up nominating to head the Commerce Department instead.
Investors and Wall Street bigwigs have largely applauded the nomination of Bessent, who worked at George Soros firm before starting his own, because he is seen as the moderate choice, Mahoney Asset Management CEO Ken Mahoney said.
Trump has ruffled feathers with some of his controversial nominations, including Robert F. Kennedy, Jr. to lead the health department, former Rep. Matt Gaetz as attorney general and former Fox News personality Pete Hegseth to lead the Department of Defense.
Disruption is the goal when it comes to ripping DEI out of government, or getting the politics out of the Justice Department, but not when managing our banking system or world financial markets, Kenin Spivak, chief executive at SMI Group, told The Post. Bessent is an experienced, steady, capable expert in all aspects of the department he has been chosen to lead.
Spivak said investors view Bessent as the wise choice and expect him to advise Trump to use restraint when implementing some of his economic policies.
The president-elect has pushed for massive tariffs of 10% on all imports and 60% on goods from China. Economists have warned the outsize tariffs could reheat inflation.
Bessent, meanwhile, had viewed tariffs as a negotiating tool, saying earlier this year that the tariff gun will always be loaded and on the table but rarely discharged.
[Bessent] talked about gradual tariff changes, which had been a fear and a talking point of Trump adversaries, Mahoney told The Post. This ideology of massaging in tariffs and seeing how things go makes much more sense.
Mahoney said less intense tariffs could help foreign policy which was a mess in every way with the Biden administration by encouraging fair trade practices while still gaining leverage over other countries.
Another one of Bessents popular proposals is what he calls the 3-3-3 rule, inspired by former Japanese Prime Minister Shinzo Abe, who revitalized Japans economy with a threefold policy. Bessents three goals are to slash the budget deficit to 3% of gross domestic product by 2028, boost GDP growth by 3% through deregulation and produce an additional 3 million barrels of oil per day, according to the Journal.
We also like to hear his policies around reducing the budget deficit and getting that under control, as we know there is a massive debt and spending problem within the government, Mahoney said. He also wants to increase oil productionso it is possible lower energy costs balance out the possible inflationary effects of tariffs.
Princess Eugenie has posted a tribute to Michelle Trachtenberg after the actress’s death.
The Gossip Girl and Buffy the Vampire Slayer star, 39, was found dead at her home in New York City on Wednesday.
An investigation into her death has been opened but “criminality is not suspected”, police said.
In a post on Instagram today, Princess Eugenie thanked Trachtenberg for “so many memories”.
“Goodbye special friend. You are so loved and missed,” she wrote.
“Thank you for so many memories of laughter and fun. You were so thoughtful and generous and sooo funny.
“My favourite was listening to you order food, always done with precision so you got exactly what we all wanted.
“I’m thinking of you up there friend, of your spirit that was so bright and your joy you brought to so many.”
Eugenie previously lived in New York and in 2013, she was seen attending a basketball game at Madison Square Garden with Trachtenberg.
The actress shared numerous social media updates featuring the princess over the years and in 2020, she hailed her as “one of the most dearest, kindest, most genuine friends I have ever had in my life”.
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Trachtenberg was best known for playing Dawn Summers in Buffy, the younger sister of the title character played by Sarah Michelle Gellar, and starring as Georgina Sparks in Gossip Girl.
Paying tribute to her co-star, Gellar shared a series of pictures of herself and Trachtenberg, alongside a caption referencing a scene from the drama.
“Michelle listen to me. Listen. I love you. I will always love you. The hardest thing in this world, is to live in it. I will be brave. I will live… for you,” she wrote.
Image: Michelle Trachtenberg with Sarah Michelle Gellar in 2007. Pic: AP
A number of Trachtenberg’s Gossip Girl co-stars have also shared tributes on social media, with Blake Lively writing on Instagram: “Everything she did, she did 200%.”
Lively, who starred as Serena van der Woodsen in the teen drama, continued: “She laughed the fullest at someone’s joke, she faced authority head on when she felt something was wrong, she cared deeply about her work, she was proud to be a part of this community and industry as painful as it could be sometimes, she was fiercely loyal to her friends and brave for those she loved, she was big and bold and distinctly herself.”
Taylor Momsen, Gossip Girl’s Jenny Humphrey, said: “I will miss you everyday my love.”
“I’ll miss our late night calls that no one should ever hear but us,” she wrote. “She was always in my corner and there to support me whether I was right or wrong. I think we truly understood each other and I am so grateful to have had a friend like you in my life for so long.”
“Michelle was one of a kind,” wrote fellow Gossip Girl star Chace Crawford. “I remember her coming on set for the first time and just absolutely owning it.
“She was a force of nature and just so so unapologetically funny and magnetic.. remembering those years with a big smile. Just a terrible loss. Love you.”
This breaking news story is being updated and more details will be published shortly.
Andrew Tate and his brother Tristan have landed in Florida in the US after a travel ban in Romania was lifted – as Donald Trump insisted he knows “nothing about that”.
The Tates landed in Fort Lauderdale in a private plane at around 11:30am local time, their representative Mateea Petrescu added.
Speaking around an hour later, Andrew Tate told reporters: “We’ve yet to be convicted of any crimes in our lives ever. We have no criminal record anywhere on the planet ever.
“Our case was dismissed on 19 December in Romania under the Biden administration, and our prosecutor recently decided, because we have no active indictment in court, to let us go and return.
“This is a Democratic society, we’re supposed to be innocent until proven guilty, as my brother and I are.”
The brothers, who champion US President Trump, are facing charges in Romania of human trafficking, sexual misconduct and money laundering, as well as starting an organised crime group.
The self-styled misogynists are dual UK and US nationals whose controversial views are shared widely on social media platforms such as TikTok and X.
Their arrival in Fort Lauderdale comes after the Financial Times reported last week that the Trump administration had lobbied their Romanian counterparts to ease restrictions on the brothers while they face charges.
Romanian foreign minister Emil Hurezeanu said the Tates were mentioned during his brief hallway meeting with Mr Trump’s special envoy Richard Grenell at the Munich Security Conference earlier this month.
Mr Trump was asked about the arrival of the Tates in the US while meeting with UK Prime Minister Sir Keir Starmer at the White House this evening.
Asked by a reporter if his administration pressured the Romanian government to let the Tates travel, the US president told reporters: “I know nothing about that. You’re saying (Andrew Tate) is on a plane right now?
“I just know nothing about it, we’ll check it out, we’ll let you know.”
Romanian prosecutors later said they had approved a request from Andrew Tate, 38, to travel outside of the country, pending the outcome of a criminal investigation.
The pair had been released from house arrest, but were not allowed to leave the country and were required to check in with the police regularly.
Image: Andrew Tate and his brother Tristan outside a Bucharest court last month. File pic: Inquam Photos/Octav Ganea via Reuters
“The request to change the obligation of not leaving Romania was approved,” prosecutors said in a statement on Thursday.
“All the other obligations have been maintained, including the requirement to check in with judicial authorities every time they are called.”
A spokeswoman for the Tates told Sky News the Romanian courts had decided they will return to the brothers all of their assets.
This includes restoring their ownership of all previously frozen bank accounts, five properties, six cars including two Audis and a Ferrari, and company shares. Some assets will remain under precautionary seizure, according to the court ruling.
The brothers are fighting a series of legal battles not just in Romania, but also in the UK and the US.
They have consistently denied any wrongdoing in connection with all the legal action taking place.
The Tates grew up in Luton and have millions of social media followers. Andrew Tate also appeared in the UK version of Big Brother in 2016.
The pair are often criticised for their misogynistic views online – particularly as they have a predominately young, male audience.
A number of banned Twitter accounts have been reinstated by Elon Musk. Tate was among those brought back on 18 November 2022 after Musk took over and rebranded it X.
A British court ruled in March that the brothers are also under a European arrest warrant and will be extradited to the UK – where allegations of rape and human trafficking are being investigated by Bedfordshire Police – after Romanian trial proceedings finish for a separate investigation.
A recent lawsuit filed in Florida accuses both Tate brothers of conspiring to coerce a woman into sex work, luring her to Romania and defaming her after her testimony to Romanian authorities. The Tate brothers had previously sued her for defamation in 2023.
Four British women who allege they were raped and coercively controlled by Andrew Tate said they have been “retraumatised” by today’s events.
“It is clear that there is now a major risk that the criminal prosecution for his alleged crimes in Romania will not proceed, and he may use this development as an opportunity to harass further and intimidate witnesses and his accusers as well as continue to spread a violent, misogynistic doctrine around the world,” the alleged victims said in a joint statement.
Tate is facing civil action brought by the women at the High Court. He denies the allegations and has threatened to pursue the women for defamation.
Matthew Jury, their solicitor at McCue Jury & Partners, said: “The news that pressure by the Trump administration has led to Andrew Tate, and his brother Tristan, being allowed to leave Romania by its authorities is equal parts disgusting and dismaying.”
He added: “The UK government knew this might happen more than a week ago. The fact that nothing seems to have been done to prevent it is concerning. One can only hope action will now be taken. Given that Prime Minister Starmer is in the US today to meet with President Trump, perhaps his team may take the opportunity to raise this issue.”
The Israel Defence Forces has admitted the attacks by Hamas on October 7 2023 were “a complete failure” of Israeli security and the result of many years of planning and deception by the Gaza-based militant group.
Announcing some of the findings from a major internal investigation, the Israeli military said “the IDF failed in its mission to protect people” and it was “one of the greatest failures” in the military’s history.
Nobody in the Israeli security establishment knew of, or predicted, the attacks and the force stationed on the border was the minimum required for everyday threats.
The primary focus at the time was on the threat from Iran and Hezbollah. The inquiry concluded that those actors were aware of Hamas’s plans but probably didn’t know the exact timing of the attacks.
Gaza was seen as a secondary threat and while Hamas was considered an illegitimate governing body of Gaza, there was no effort to develop an alternative.
The inquiry, which is the result of tens of thousands of hours of work by the IDF Southern Command, found as many as 5,600 terrorists broke into Israel in three waves.
On October 7 2023, 4,694 mortars and rockets were fired from Gaza into Israel, and 1,320 people were killed and 251 taken hostage.
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As the IDF battled to regain control of southern Israel the same day, some of its commanders were forced to use google maps and mobile phones to communicate and co-ordinate.
Image: Israel’s Iron Dome system intercepting rockets launched from the Gaza Strip on October 7. Pic: Reuters
The majority of killings and kidnappings occurred during the first two waves of attacks, between 6.29am and 9am on that Saturday morning.
Many Palestinians who entered Gaza in the third wave, during the afternoon, were from other terror organisations or “a mob taking advantage” rather than Hamas fighters trained for the attack.
In the chaos, the Israeli air force struggled to distinguish between Hamas fighters and Israeli civilians. The IDF accepts there were some deaths caused by friendly fire but haven’t elaborated how or where.
By 5pm, there were still hundreds of Hamas fighters spread out along the so-called Gaza envelope of Israeli communities, many in open areas.
It’s thought they planned to reach deeper into Israel, including Ashkelon and key air bases.
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What happened on 7 October 2023
Intelligence assessments at the time believed that Hamas didn’t want a full-scale war and lacked the capability to launch one. IDF officials believed there would be early warnings if an attack was imminent, and the strategy was to “maintain the threat” rather than neutralise it.
Based on that, officials said soldiers “were addicted to the precise intelligence information” and failed to challenge the assumptions internally.
Although there were some unusual indications an attack was under way overnight, such as the activation of Israeli SIM cards inside Gaza, duty officers didn’t think it was time-critical and further investigation was needed.
Image: Israeli soldiers working to secure residential areas after Hamas’s attack. pic: Reuters
Hamas activity in a specific area was dismissed as a training exercise. After consultation with senior commanders in the middle of the night, it was decided to hold a situational assessment early in the morning. The attack happened before that took place.
The scale and brutality of the attack took the IDF by surprise and their defensive strategies, including a vastly expensive subterranean wall, proved ineffective. The barrier was designed to stop mass protests and limited infiltration but not a large-scale attack. Forces along the border had been reduced because of other requirements on the Lebanon border and in the West Bank, and the IDF had too much confidence in the barrier defences.
Through various intelligence sources, including material found in Gaza, it’s now understood that Hamas’s leader at the time, Yahya Sinwar, first conceived the idea in November 2016. A plan to attack Israel was approved in July 2019.
During those years, Hamas deceived Israel, convincing leaders it wanted economic prosperity rather than conflict.
A short war between the two in 2021 didn’t inflict as much damage on Hamas infrastructure and capabilities as Israel believed.
Hamas was close to launching the attacks on three occasions during 2022 but decided not to for unknown reasons. They eventually did so to take advantage of a Jewish religious holiday in 2023.
The inquiry has also compiled 41 separate findings of battles in specific kibbutzim, military bases and key roads. Those details are being presented to the individual communities over the coming days.
The Israeli government has repeatedly rejected calls for a State Commission of Inquiry, saying the time is not yet right because of the ongoing war.
Critics of Israeli Prime Minister Benjamin Netanyahu say he is avoiding personal responsibility for his role as Israel’s leader at the time.