Wall Street approved of President Joe Biden's intention to nominate Jerome Powell for a second term at the helm of the Federal Reserve. But the initial jolt in the stock market didn't last until the close.
The market opened in the green and kept rising. But half-way through the session the Nasdaq Composite pared its gains and dipped into the red.At the close, the S&P 500 had also given up on its advances, which could have pushed the index to a new record high. The S&P closed 0.3% lower and the Nasdaq fell a whopping 1.3%, having had the most turbulent day of the major benchmarks.The Dow was the only index that finished higher, closing up a modest 0.1% -- not even 20 points.
"This decision removes uncertainty," said ING chief international economist James Knightley in a note.Biden will nominate Fed Governor Lael Brainard as Vice Chairman. Brainard had also been an option to take over from Powell. Had she been picked as Chairman, the market reaction may have been a bit more rocky — not least because her confirmation would have likely been more challenging compared with that of Powell.Even so, the Powell confirmation as it stands may face its own hiccups.
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