U.S. stock indexes trade mixed late afternoon Monday after Biden picks Powell to lead Fed

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U.S. stock indexes were trading mixed heading toward the closing bell Monday, with the S&P 500 and Dow Jones Industrial Average each climbing higher while the Nasdaq Composite was down, after the White House announced earlier in the day that Federal Reserve Chairman Jerome Powell was nominated to serve a second term. The Dow DJIA, +0.05% was up 0.8%, the S&P 500 SPX, -0.32% was 0.6% higher and the Nasdaq COMP, -1.26% was off about 0.2%, according to FactSet data, at last check. President Joe Biden’s nominations of Powell to lead the Fed as Chair and Fed Gov. Lael Brainard to fill the position of Vice Chair, must be confirmed by the Senate. A sharp rise in shares of Wall Street banks Goldman Sachs Group Inc. GS, +2.26% and JPMorgan Chase & Co. JPM, +2.13% helped fuel the Dow’s rise Monday afternoon. Meanwhile, the technology-laden Nasdaq, seen as sensitive to interest rates moves, slid as the yield on the 10-year Treasury note TMUBMUSD10Y, 1.629% rose to around 1.62%.

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

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