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.
Marks & Spencer (M&S) has ordered hundreds of agency workers at its main distribution centre to stay at home as it grapples with the unfolding impact of a cyberattack on Britain’s best-known retailer.
Sky News has learnt that roughly 200 people who had been due to undertake shift work at M&S’s vast Castle Donington clothing and homewares logistics centre in the East Midlands have been told not to come in amid the escalating crisis.
Agency staff make up about 20% of Castle Donington’s workforce, according to a source close to M&S.
The retailer’s own employees who work at the site have been told to come in as usual, the source added.
“There is work for them to do,” they said.
M&S disclosed last week that it was suspending online orders as a result of the cyberattack, but has provided few other details about the nature and extent of the incident.
In its latest update to investors, the company said on Friday that its product range was “available to browse online, and our stores remain open and ready to welcome and serve customers”.
“We continue to manage the incident proactively and the M&S team – supported by leading experts – is working extremely hard to restore online operations and continue to serve customers well,” it added.
It was unclear on Monday how long the disruption to M&S’s e-commerce operations would last, although retail executives said the cyberattack was “extensive” and that it could take the company some time to fully resolve its impact.
Shares in M&S slid a further 2.4% on Monday morning, following a sharp fall last week, as investors reacted to the absence of positive news about the incident.
The conclave to elect Pope Francis’s successor will begin on 7 May, the Vatican has announced.
Some 135 cardinal electors – those under the age of 80 – will take part and vote for the new pontiff.
The rituals of the event, held in the Sistine Chapel, are elaborate and date back centuries. So how does the process work?
When Pope Francis died, the Catholic Church entered a period known as “sede vacante”, meaning “empty seat”.
His ring and seal – used to dispatch papal documents – were broken to prevent anyone else from using them.
Cardinal Kevin Farrell – the Camerlengo, or chamberlain, who announced Francis’s death – became the interim chief of the Catholic Church.
Image: Pic: Reuters
The conclave
Cardinals travel to Rome from all over the world and stay until a new pope is chosen.
Of the 252 current ones, there are 135 cardinal electors: 53 from Europe; 23 from Asia; 20 from North America; 18 from Africa; 17 from South America; and four from Oceania.
Italy has the most cardinals who can vote, with 17, while the US has 10 and Brazil has seven. The UK has three.
Image: A papal crest dedicated to Pope Pius XII. Pic: Reuters
Once the conclave begins, the cardinals will not emerge from the Vatican until a new pope has been chosen. The word “conclave” comes from Latin, meaning “with key” – a reference to the isolation in which the cardinals are kept.
While holding voting sessions in the Sistine Chapel, they sleep in the Casa Santa Marta – a guesthouse inside the Vatican’s grounds.
The longest conclave lasted almost three years, between 1268 and 1271. Several have lasted only one day. The one which elected Pope John Paul in 1978 lasted less than three days. Cardinals chose Pope Francis in around two days.
While the conclave is ongoing, cardinals are unable to communicate with the outside world. No telephones, internet use or newspapers are allowed.
Except for the first day, when only one ballot is held, the cardinals hold two daily votes until one candidate has a majority of two-thirds plus one. They are sworn to secrecy about the voting.
White smoke?
So how do we know if a decision has been reached? Yes, this is the black smoke, white smoke part.
If the cardinals have not reached a majority, the cards and the tally sheets are placed in a stove and burned with an additive to produce black smoke, showing the outside world that a pope has not yet been chosen.
Image: No pope yet… black smoke rising from the Sistine Chapel. Pic: Reuters
Watching for the tell-tale smoke arising from the top of the Sistine Chapel is a tradition, with Catholics crowding into St Peter’s Square for the spectacle.
If no result has been reached after three days, the sessions are suspended for a day to allow for prayer and discussion. More ballots are held until a two-thirds majority is reached.
When enough cardinals have agreed on a candidate, he is asked if he accepts the papacy and by which name he wishes to be known.
The ballots are burned as before, but with an additive to produce white smoke.
Image: A Papal white skull cap. Pic: Reuters
New pope proclaimed
The new pope then dons his new papal vestments – tailors keep large, medium and small sizes ready – and sits on a throne in the Sistine Chapel to receive the other cardinals who file up to pay homage and swear obedience to the church’s new leader.
The senior cardinal deacon then steps out on to the central balcony of St Peter’s Basilica overlooking the square and announces in Latin: “Annuntio vobis gaudium magnum. Habemus Papam” (I announce to you a great joy. We have a pope) and reveals the cardinal’s name and the name he has chosen.
A 14-year-old girl who attempted to murder two teachers and a pupil at a school in Wales has been sentenced to 15 years in detention.
The girl, who cannot be named for legal reasons, was previouslyfound guilty of attempting to murder teachers Fiona Elias and Liz Hopkin and a pupil at Ysgol Dyffryn Aman in Ammanford.
Emergency services were called to the school on 24 April last year, in what the trial heard was a “serious episode of violence” during the mid-morning break after the girl took her father’s fishing “multi-tool” to school.
She had admitted to three counts of wounding with intent and possession of a bladed article on a school premises, but a jury found her guilty of attempted murder in February after a week-long trial.
Following her arrest, the teenager told officers she was “pretty sure” the incident would be on the news, and added “that’s one way to be a celebrity”.
Both Mrs Elias and Mrs Hopkin “received significant and serious injuries”, Swansea Crown Court heard.
Mrs Hopkin was airlifted to the University Hospital of Wales in Cardiff after she sustained “four stab wounds”, while Mrs Elias and the pupil also attended hospital for treatment.
Image: Ammanford in Carmarthenshire
‘Changed my life forever’
Reading her victim personal statement from the witness box on Monday, Fiona Elias said the incident had shown her that life was “fragile” and had been “a steep learning curve”.
“Walking out on duty that day would change my life forever,” she said – a moment which “replays itself over and over no matter how much time passes”.
“It’s not easy, and I know I’ll continue to face challenges, but every day I’m taking step towards healing,” Mrs Elias said.
Addressing the defendant, Mrs Elias said “your motive was clear, you intended to murder me” but that she was stopped “thanks to Liz’s selfless actions”.
She said she was not “ruling out the possibility of a meeting with [the pupil] in the future,” but that she first needed to know she would “engage with the interventions that will be put in place”.
Outlining her plans to campaign for safer working conditions at schools, Mrs Elias said: “I never expected to give my blood, but I will always give my heart to Ysgol Dyffryn Aman and to the world of education.”
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The teenager, who can’t be named, is due to be sentenced in April.
‘Right place at the right time’
Liz Hopkin said it had been “the worst experience of [her] life” but that she was “glad” she was “in the right place at the right time” to protect Mrs Elias.
“I’m still here, I’m still alive, though at the time I was sure that I was going to die,” she told the court.
“Physically, my wounds have healed but the scars remain.”
Mrs Hopkin added that the thought of returning to a career in teaching now filled her with “anxiety and dread”.
“You were prepared to kill someone you did not know,” she said, addressing the defendant, who sat in the court for proceedings, until she moved to the dock for sentence.
“The decision to end my life was never yours to make.”
But Mrs Hopkin said she worried about the defendant’s future, adding: “I don’t want you to be punished forever but I do want you to take every opportunity to make your life better.”
Concluding her victim personal statement, Mrs Hopkin said: “It has changed me in ways I never wanted and that is something I will have to live with for the rest of my life.”
Image: Pic: PA
‘Very complex young girl’
Prosecuting, William Hughes KC said aggravating factors in the case included use of a knife, the fact two of the victims were “carrying out a public service” and that the offending took place in public.
In mitigation, Caroline Rees KC said the defendant was “a very complex young girl”.
She said she had shown remorse, had a “difficult background” and also the fact there were two trials.
Handing down his sentence, Judge Paul Thomas said the defendant would serve half of the 15-year sentence before she can be considered for release.
Addressing the defendant, he said: “What you did in school almost a year ago the day has caused a large number of people a great deal of harm and upset. It has hugely affected many lives, including, of course, your own.”
“The simple fact is you tried to kill three people, two teachers and another pupil,” he added.
“I think that it is very important here that what you did you did in full of so many other pupils…In my view you wanted as many of your fellow pupils as possible to see what you intended to do.”
The Judge added that “for one reason or other, [the defendant wasn’t] really listening” to the victim impact statements of Mrs Elias and Mrs Hopkin.
He said he did not think the teenager was “genuinely sorry” for what she did, adding: “You showed no emption or even interest in how they felt that day or ever since.”