What Powell's Fed Reappointment Means for Markets Monday
Investors have gotten used to seeing mixed stock market performance lately, and that was once again the case on Monday afternoon. Big gains for the Dow Jones Industrial Average (DJINDICES: ^DJI) amounted to 323 points as of just after 2 p.m. ET, bringing the average to 35,834. The S&P 500 (SNPINDEX: ^GSPC) also climbed higher, rising 20 points to 4,718 and heading for a potential new record. Yet the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost ground, falling 68 points to 15,990.
The big news on Wall Street Monday was that President Biden renominated current Federal Reserve Chair Jerome Powell to another term leading the central bank. Many had speculated that Biden might choose to go with Lael Brainard, who instead got the nod as Biden's choice for Fed vice chair. Below, we'll take a look at why the stock market had a mixed response and what investors seem to expect from the pair leading the Fed.
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Source Fool.com
