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.
Sir Elton John says he has not been able to see out of his right eye for four months, and his left eye “is not the greatest”, following a severe infection.
The77-year-old singer said he has been unable to finish his new album due to his limited eyesight, and had been left feeling “stuck”.
Asked about when the album with his long-time collaborator Bernie Taupin, which was announced last year, will be out the Rocketman star told ABC News’ Good Morning America: “I don’t know. It’s been a while since I’ve done anything, and well, I just have to get off my backside.
“I unfortunately lost my eyesight in my right eye in July because I had an infection in the south of France and it’s been four months now since I haven’t been able to see, and my left eye is not the greatest.
“So, there’s hope and encouragement that it will be okay, but… I’m kind of stuck at the moment, because I can do something like this [the interview], but going into the studio and recording, I don’t know, because I can’t see a lyric for a start.”
The British star said he was “taking an initiative to try and get it better,” and was “concentrating” on regaining his eye health.
He went on: “It’s never fortunate for anything like this to happen, and it kind of floored me. And I can’t see anything, I can’t read anything, can’t watch anything.”
In September, Sir Elton revealed in an Instagram post that he was “healing” after the infection, saying: “It’s an extremely slow process and it will take some time before sight returns to the impacted eye.”
However, that has not stopped him from performing and making public appearances.
His headline set at Glastonbury last year marked the final UK performance of his marathon Farewell Yellow Brick Road tour, which concluded in Stockholm, Sweden, the following month.
Earlier this month he shared a new song with American singer Brandi Carlile, titled Never Too Late, inspired by his new Disney+ documentary of the same name, and he has publicised the film on the red carpet in both Toronto and London.
In October, he performed with Dua Lipa on stage at the Royal Albert Hall, and last week he appeared at the Royal Variety Performance in front of the King at the same London venue.
Known for hits including I’m Still Standing, Candle In The Wind and Your Song, Sir Elton was made a member of the Order of the Companions of Honour in 2021.
He has two young sons, Zachary, 13, and Elijah, 11, with his husband, Canadian filmmaker David Furnish.
Unique eBike manufacturer Mokwheel has made a quick name for itself by bringing Power Station electric bikes to the market. During Mokwheel’s exclusive Black Friday Sale, there’s no better time to get one of the company’s power bank eBike models, like the Obsidian, Basalt, or Obsidian ST. You can learn more below.
Table of contents
Mokwheel has carved its own spot in the eBike market
Mokwheel may be a newer company on your radar, but its history is heavily rooted in the last decade of micromobility. From 2014 onward, the company’s founders found great success in other segments of the electric mobility scene, including products like hoverboards and electric scooters.
However, those founders decided to create Mokwheel because they saw a gap in the market for a power station eBike that had yet to be done before. That market entry began with the Mokwheel BASALT, an all-purpose/all-terrain e-bike fusion integrated with power station technology.
By rethinking the design of the average eBike to offer more sustainability and accessible power on the go, Mokwheel has built out an impressive portfolio of electric bikes, many of which feature power station technology as well as safety and quality assurance through UL certification.
Mokwheel is celebrating Black Friday with a huge sale, including hundreds of dollars off power station electric bikes, which you can learn more about below.
What is a power station electric bike, anyway?
Mokwheel’s lineup of “power station electric bikes” is essentially a category of eBike equipped with solar charging capabilities. Mokwheel has brought an added layer of sustainability to the eBike space, extending off-grid capabilities for its riders while offering free backup energy from the sun.
The core of this technology is Mokwheel’s 1,000-watt inverter and high-efficiency solar panels. The components combine to help power the eBike using the sun’s energy and run multiple devices like phones and laptops, which can be connected simultaneously.
These capabilities transform the Mokwheel eBikes into versatile, portable power solutions for all outdoor adventures, ensuring the bike and your devices remain charged and ready to use.
Mokwheel’s lineup of power station solar charging eBikes has expanded to six different models, including its two newest bikes, the Obsidian and Obsidian ST, which are currently on sale in honor of Black Friday.
Mokwheel has sales on Obsidian power station bikes
Mokwheel’s Obsidian models are its high-end power station eBike offerings. They feature full suspension to ensure a smooth ride on any terrain.
It features a high-capacity battery for extended range, a powerful motor for steep inclines, and is designed for the ultimate e-biking experience. Available in either a high-step or step-through (ST) design, the Obsidian power station bikes provide the same impressive specs, apart from a higher payload capacity on the high-step version (400 lbs. vs. 350 lbs. on the Obsidian ST).
Both Obsidian bikes are propelled by a 1,000-watt motor powered by a 48V, 19.6 Ah battery pack. The pack can deliver between 60 and 80 miles of range on a single charge and can boost the bikes to a top speed of 28 mph.
In addition to a full front and rear suspension, the Obsidian and ST feature 26″x4″ puncture-resistant fat tires, hydraulic brakes, and solar charging capabilities. Please note that Mokwheel’s inverters and solar panels are sold separately. However, the inverter can be added as a gift during the company’s current Black Friday sale.
Both Obsidian models usually cost $2,999 each but are currently on sale for $2,099 (-$900 off) during Mokwheel’s Black Friday Sale. Be sure to check out more of those deals below.
Don’t miss out on Mokwheel’s Black Friday sale
While Mokwheel’s deal on the Obsidian models offers the largest discount, the company’s Black Friday Sale offers many other discounts and some gift incentives for specific purchases.
For example, customers who purchase any two eBikes during Mokwheel’s Black Friday Sale can choose between a complimentary bike rack or a pet trailer, both valued at $500.
Those who opt for a single eBike purchase (excluding the Mesa Lite 2.0, Tor-plus, and Mesa Plus ST) can choose between a deluxe accessory pack or a spare battery. Both gifts are valued at $600.
The Black Friday Sale offers a gift option if you want one of the three excluded Mokwheel bikes listed above. Purchases of the Mesa Lite 2.0, Tor-plus, or Mesa Plus ST come with a basic accessory pack with a front basket and padded seat, valued at $355.
Other Black Friday Sale deals include $600 off the Basalt and Basalt ST power station bikes and $400 off Mokwheel’s Asphalt eBike. Explore all the deals Mokwheel has to offer during its Black Friday Sale, taking place now. However, quantities are limited, so take advantage of the savings while the bikes last!
FTC: We use income earning auto affiliate links.More.