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AP National Business

US stocks rise after Biden taps Powell for a new Fed term

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KMIZ

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Published 9:38 AM

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks are higher in afternoon trading on Wall Street Monday as investors head into a holiday-shortened week with reassurance about leadership at the Federal Reserve. The S&P 500 rose 0.6%, the Dow Jones Industrial Average rose 0.8% and the Nasdaq fell 0.2%. President Joe Biden said he would nominate Jerome Powell for a second four-year term at the helm of the Federal Reserve, a vote of confidence in Powell’s handling of central bank policies during the brutal disruptions caused by the coronavirus pandemic. The dollar also strengthened against other currencies and the price of gold, a haven for when investors feel anxious, fell.

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