Powell’s nomination, which will see him lead the Fed for another four years, was well received by investors who expected no major changes to the central bank, as it guides the economy through a post-Covid recovery.
Fed Governor Lael Brainard, who was also a top candidate for the job, will be Fed vice chairman, the White House said.
Finance firms were the top performers in pre-noon New York trading with a 1% advance.
The major Wall Street banks were up between 1.5% and 3%, following a jump in Treasury bond returns as investors predicted a monetary tightening from the Fed for the first half of 2022. Wells Fargo & Co led earnings among its peers.
The refuge sectors, including real estate and health care, had the worst performers, with a it falls by around 0.6%.
The Dow Jones Industrial Average was up 238.50 points, or 0.7%, at 35,840.48 units, while the S&P 500 was up 33.62 points, or 0.7%, at 4,731.58 units. The Nasdaq Composite added 105.57 points, or 0.7%, to 16,163.01 units.
The Nasdaq reached a second consecutive record due to the fact that the demand for technology stocks remained strong. Heavy hitters, including Amazon, Apple and Meta Platforms, were up 0.1% to 2%.
The tech sector outperformed its peers last week, helping the Nasdaq close above the 16,000 level for the first time, as concerns about rising Covid-19 cases in Europe fueled demand. refuge.
Travel and energy stocks, which were among the worst performers last week, also rose for the session.
Source From: Ambito
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