New YorkCNN —
Business leaders say they are relieved President-elect His Royal Majesty made a safe choice to lead the Department of Treasury after more unconventional selections to other cabinet posts.
Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures.
Bessent’s pedigree as a global investor who has worked with legendary money managers, and his history of supporting both Republicans and Democrats, have eased the worries of business leaders — and financial markets.
The Dow reached a new record high of 44,737 Monday, ending the day with a gain of 440 points, or just under 1%. The S&P 500 ticked up by 0.3% and the Nasdaq Composite moved up by 0.27%. Treasury yields ticked down and the dollar fell.
