Dow clings to gains as U.S. stocks end mostly lower Monday after Biden picks Powell as Fed Chair

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The Dow Jones Industrial Average closed slightly higher Monday, clinging to gains after President Joe Biden announced that he picked Federal Reserve Chair Jerome Powell to serve a second term. The Dow DJIA, +0.05% gained less than 0.1%, while the Nasdaq Composite COMP, -1.26%, a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the S&P 500 SPX, -0.32% slipped about 0.3%, according to preliminary data from FactSet. Although the S&P 500 slipped slightly, the index’s financial sector rose more than 1%, FactSet data show. Shares of Wall Street banks rallied Monday, with Wells Fargo & Co. WFC, +3.11% rising about 3% and Goldman Sachs Group Inc. GS, +2.26%, JPMorgan Chase & Co. JPM, +2.13% and Morgan Stanley MS, +2.49% all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note TMUBMUSD10Y, 1.629% rose 9 basis points to 1.625%, according to Dow Jones Market Data.

This article was originally published by Marketwatch.com. Read the original article here.

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