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.
An inquiry into the Southport stabbings has been announced by the government.
It comes after Axel Rudakubana, 18, admitted murdering Alice da Silva Aguiar, nine, Bebe King, six, and Elsie Dot Stancombe, seven, in the attack in Southport, Merseyside, in July last year.
In a statement, Home Secretary Yvette Cooper said that now there has been a guilty plea, “the families and the people of Southport need answers about what happened leading up to this attack”.
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3:57
Southport murderer – what you need to know
In her statement, Ms Cooper said these three referrals happened in the 17 months between December 2019 and April 2021, when Rudakubana was 13 and 14 years old.
He was also in contact with the police, the courts, the youth justice system, social services and mental health services.
“Yet between them, those agencies failed to identify the terrible risk and danger to others that he posed,” Ms Cooper said.
“We also need more independent answers on both Prevent and all the other agencies that came into contact with this extremely violent teenager as well as answers on how he came to be so dangerous.”
Rudakubana is set to be sentenced on Thursday – with the judge saying a life sentence is “inevitable”.
Sir Keir Starmer said earlier today: “The news that the vile and sick Southport killer will be convicted is welcome.
“It is also a moment of trauma for the nation and there are grave questions to answer as to how the state failed in its ultimate duty to protect these young girls.
“Britain will rightly demand answers. And we will leave no stone unturned in that pursuit.”
After the attacks in July 2024, there were calls for more information about what was known by authorities to be released and violent riots took place across the country.
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0:38
Southport attacker pleads guilty
Ms Cooper said the government was not able to release more information sooner about Rudakubana because the Crown Prosecution Service wanted to “avoid jeopardising the legal proceedings” – including any potential trials – “in line with the normal rules of the British justice systems”.
However, the government launched an “urgent” review into Rudakubana’s contact with Prevent last summer – and details will be published this week.
Ms Cooper said this “terrible case” comes against a “backdrop” of increasing numbers of teenagers being referred to Prevent, investigated by anti-terror police being referred to other agencies “amid concerns around serious violence and extremism”.
“We need to face up to why this has been happening and what needs to change,” she said.
Speaking earlier today, Conservative leader Kemi Badenoch said: “As we learn more details of Axel Rudakubana’s horrific crimes, my thoughts are first and foremost with the victims’ families.
“We will need a complete account of who in government knew what and when. The public deserves the truth.
“This case is still in court and there are, properly, limits on what can be said at this stage.
“But once it concludes on Thursday with sentencing, there are many important questions the authorities will need to answer about the handling of this case and the flow of information.”
Reform UK leader Nigel Farage accused the government of a “cover-up”, and said the “vacuum of information” led to the riots.
He called on Ms Cooper to make an apology in the Commons.
An inquiry into the Southport stabbings has been announced by the government.
It comes after Axel Rudakubana, 18, admitted murdering Alice da Silva Aguiar, nine, Bebe King, six, and Elsie Dot Stancombe, seven, in the attack in Southport, Merseyside, in July last year.
In a statement, Home Secretary Yvette Cooper said that now there has been a guilty plea, “the families and the people of Southport need answers about what happened leading up to this attack”.
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3:57
Southport murderer – what you need to know
In her statement, Ms Cooper said these three referrals happened in the 17 months between December 2019 and April 2021, when Rudakubana was 13 and 14 years old.
He was also in contact with the police, the courts, the youth justice system, social services and mental health services.
“Yet between them, those agencies failed to identify the terrible risk and danger to others that he posed,” Ms Cooper said.
“We also need more independent answers on both Prevent and all the other agencies that came into contact with this extremely violent teenager as well as answers on how he came to be so dangerous.”
Rudakubana is set to be sentenced on Thursday – with the judge saying a life sentence is “inevitable”.
Sir Keir Starmer said earlier today: “The news that the vile and sick Southport killer will be convicted is welcome.
“It is also a moment of trauma for the nation and there are grave questions to answer as to how the state failed in its ultimate duty to protect these young girls.
“Britain will rightly demand answers. And we will leave no stone unturned in that pursuit.”
After the attacks in July 2024, there were calls for more information about what was known by authorities to be released and violent riots took place across the country.
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0:38
Southport attacker pleads guilty
Ms Cooper said the government was not able to release more information sooner about Rudakubana because the Crown Prosecution Service wanted to “avoid jeopardising the legal proceedings” – including any potential trials – “in line with the normal rules of the British justice systems”.
However, the government launched an “urgent” review into Rudakubana’s contact with Prevent last summer – and details will be published this week.
Ms Cooper said this “terrible case” comes against a “backdrop” of increasing numbers of teenagers being referred to Prevent, investigated by anti-terror police being referred to other agencies “amid concerns around serious violence and extremism”.
“We need to face up to why this has been happening and what needs to change,” she said.
Speaking earlier today, Conservative leader Kemi Badenoch said: “As we learn more details of Axel Rudakubana’s horrific crimes, my thoughts are first and foremost with the victims’ families.
“We will need a complete account of who in government knew what and when. The public deserves the truth.
“This case is still in court and there are, properly, limits on what can be said at this stage.
“But once it concludes on Thursday with sentencing, there are many important questions the authorities will need to answer about the handling of this case and the flow of information.”
Reform UK leader Nigel Farage accused the government of a “cover-up”, and said the “vacuum of information” led to the riots.
He called on Ms Cooper to make an apology in the Commons.
Southport attacker Axel Rudakubana was referred to the government’s anti-extremism Prevent scheme three times before the murders.
Rudakubana, 18, pleaded guilty to the murders of Alice da Silva Aguiar, nine, Bebe King, six, and Elsie Dot Stancombe, seven, at Liverpool Crown Court on what was due to be the first day of his trial on Monday.
He also admitted 10 counts of attempted murder and possession of a kitchen knife over the mass stabbing as well as charges of producing ricin and possessing an al Qaeda training manual found in searches of his home in Banks, Lancashire, in the following days.
Eight other children, aged between seven and 13, along with yoga instructor Leanne Lucas and businessman John Hayes were injured in the attack at the Hart Space in the Merseyside town on 29 July.
It has now emerged he was referred to Prevent three times amid concerns over his fixation with violence.
Anyone referred to the scheme is assessed and if deemed a terrorism risk referred to another programme, Channel, although many referrals don’t result in any further police action.
Prime Minister Sir Keir Starmer said there were “grave questions to answer as to how the state failed in its ultimate duty to protect these young girls”.
Just a week before the attack, Rudakubana, then 17, booked a taxi to take him to Range High School in Formby, but his father stopped him from leaving, it is understood.
The teenager, who has been diagnosed with autism spectrum disorder, was expelled from the school in around 2019 over claims he was carrying a knife after telling Childline he was being racially bullied and brought the knife to protect himself.
It is understood that, after his exclusion, he returned to the school to target a former bully or someone he had a grievance with and assaulted someone with a hockey stick.
Rudakubana then attended two specialist schools, where teachers were concerned about his behaviour.
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10:55
Man ‘locked eyes’ with knifeman
Not guilty pleas had previously been entered on Rudakubana’s behalf to all 16 charges after he stayed silent at previous hearings.
He refused to stand or confirm his identity as he changed his pleas to guilty, while none of his victims’ family members were in court, as prosecutors were expected to open their case on Tuesday.
Wearing a grey tracksuit and surgical face mask, he showed no emotion as he was taken down to the cells, surrounded by four dock officers and an intermediary.
The judge, Mr Justice Goose said he would sentence the teenager on Thursday, telling him: “You will understand it is inevitable the sentence to be imposed upon you will mean a life sentence.”
But he is not expected to be handed a whole life order, a sentence meaning he would never be released, because of his age at the time.
Judges can only impose the term on criminals who were aged 21 and over at the time of the offence, but it can be considered for those aged 18 to 20 in exceptional circumstances.
The Southport attack, which has not been declared terror-related, sparked a wave of violence across the country as riots broke out after posts spread online that claimed the suspect was a 17-year-old asylum seeker, who had come to the country by boat.
After the guilty plea today, Deputy Chief Crown Prosecutor Ursula Doyle said: “This was an unspeakable attack, one that has left an enduring mark on our community and the nation for its savagery and its senselessness.
“At the start of the school holidays, a day which should’ve been one of carefree innocence, of children enjoying a dance workshop and making friendship bracelets, became a scene of the darkest horror as Axel Rudakubana carried out his meticulously planned rampage.
“It is clear that this was a young man with a sickening and sustained interest in death and violence. He has shown no sign of remorse.”
Rudakubana was born in Cardiff to Rwandan parents, where neighbours of the family described a “lovely couple” with a hardworking father and stay-at-home mother to “two boisterous boys”.
In 2013, they moved to the village of Banks, just a few miles outside of Southport, where his father, Alphonse Rudakubana, trained with local martial arts clubs.
A profile of Mr Rudakubana, printed in local newspaper the Southport Visiter in 2015, said he was originally from Rwanda, a country that suffered a deadly genocide in the early 1990s, and moved to the UK in 2002.
When he was 11 years old, Rudakubana appeared dressed as Doctor Who in a television advert for BBC Children In Need, after being recruited through a casting agency, it is understood.
The now-deleted clip shows him leaving the Tardis wearing a trench coat and tie to look like the show’s former star David Tennant and offering advice on how best to raise money.
At his first appearance at Liverpool Crown Court, Deanna Heer KC, prosecuting, said it was understood Rudakubana had been unwilling to leave the house and communicate with his family for a period of time before the attack.
“He was seen by the psychiatrists at the police station but refused to engage with them,” she said.
The court was told he had no obvious evidence of mental health disorder which required hospital treatment and his mother, father and older brother were said to have been co-operating with police and had provided witness statements.