Donald Trump will nominate Scott Bessent to replace Janet Yellen as Treasury Secretary, with markets buoyed by comments on tariffs.

In the second MAGA Administration, the hedge-fund manager Scott Bessent will have the job of acting as a voice of reason.

Stocks: After underestimating the past two years, Wall Street strategists are back to being bullish. Year-end targets from firms including Goldman Sachs and Morgan Stanley fall near the 6,600 line — representing an advance of about 11.7% from Friday’s close.