“Powell getting the nod is a sign that Biden is staying the course on monetary policy and the Fed is steadily moving toward normalizing policy,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. Banks, which rely on higher yields to charge more lucrative interest on loans, accounted for a big share of the gains for the broader market. The yield on the 10-year Treasury rose to 1.63% from 1.54% late Friday. The price of gold, a haven for when investors feel anxious, fell.īond yields moved solidly higher. The market was higher for much of the day as traders were relieved to learn President Joe Biden would renominate Jerome Powell to another term as chair of the Federal Reserve. The Nasdaq fell 1.3% and the Dow Jones Industrial Average eked out a tiny gain. A late drop robbed the S&P 500 of another record high on Wall Street today and left major indexes mostly lower after being up for much of the day.
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