The stock market opened higher on Monday, with the Dow rising over 250 points after President Joe Biden chose Jerome Powell over Lael Brainard to lead the Federal Reserve, ending speculation about who would lead the central bank as the economy faces high inflation.... [+]The Dow Jones Industrial Average rose 0.8%, over 250 points, while the S&P 500 gained 0.9% and the tech heavy Nasdaq Composite increased 0.9%—both hitting new record highs.
Biden said in a statement Monday morning that he would nominate Powell for another four-year term as Fed chairman starting in February, pending final approval from the Senate. Powell’s main competition for the position, Lael Brainard—a Democrat who was favored by progressives in Washington for her bold stance on climate change, wasBank stocks and Treasury yields widely rallied after the White House announced the Fed decision on Monday, with stocks like JPMorgan and Morgan Stanley rising about 2%.
Shares of electric vehicle maker Tesla rallied more than 3% after CEO Elon Musk said the Model S Plaid could launch in China by the spring of 2022, while shares of vaccine maker Moderna continued to rally—rising nearly 2% after the FDA’s decision last week to approve use of the company’s booster shot for all adults.“Although this decision likely wasn’t an easy one for the President, this should be greeted positively from markets,” says Ryan Detrick, chief market strategist for LPL Financial.
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