Stocks open higher as markets react to news that Biden is sticking with Powell


Stocks started a holiday-shortened week on a positive note Monday as President Joe Biden announced he would nominate Jerome Powell to serve a second term as Federal Reserve chairman. The Dow Jones Industrial Average DJIA, +0.05% rose around 87 points, or 0.2%, to 35,689, while the S&P 500 SPX, -0.32% rose 0.4% to 4,718.93 and the Nasdaq Composite COMP, -1.26% gained 0.5% to 16,140.15.

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