Former hedge fund manager Scott Bessent is seen as a steady hand to lead the Treasury with his deep market expertise.

The pick of Scott Bessent as Treasury secretary has changed the market's mood, says Kit Juckes, chief currency strategist at Societe Generale. Stock futures are up, and both bond yields and the dollar are down.

U.S. stocks are rising toward records Monday and adding to last week’s gains. The S&P 500 was 0.6% higher, as of 10:30 a.m. Eastern time, and sitting just above its all-time high set two weeks ago. The Dow Jones Industrial Average added 503 points,

Shares climbed in Asia on Monday, tracking last week’s gains on Wall Street, and analysts said investors were viewing President-elect Donald Trump’s choice of billionaire investor Scott Bessent as his nominee for Treasury secretary as a relatively market-friendly choice.

Trump nominated Scott Bessent to serve as Treasury Secretary over the weekend, a billionaire hedge fund manager who is both respected on Wall Street and seen as a potential offset

Shares climbed in Europe and Asia on Monday, tracking last week’s gains on Wall Street, and analysts said investors were viewing President-elect Donald Trump’s choice of billionaire investor Scott Bessent as his nominee for Treasury secretary as a relatively market-friendly choice.