Stocks move higher after Biden taps Powell for new Fed term

By ELAINE KURTENBACH
AP Business Writer

Stocks are moving solidly higher in early trading on Wall Street at the beginning of a holiday-shortened week. Markets were reassured after 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. The S&P 500 was up 0.5% in the early going, and the Nasdaq was up 0.6%.