After President Joe Biden nominated Jerome Powell for a second term as chair of the Federal Reserve, the Dow Jones Industrial Average rose on Monday. The Nasdaq Composite fell 0.4 percent after starting the day stronger, following the announcement.
The Dow rose 210 points, or 0.6 percent, in afternoon trading after falling 268 points Friday to close at 35,601. The S&P 500 index increased by 0.5 percent.
Powell has been re-nominated by Biden for a second term. Lael Brainard, the runner-up, has been chosen as vice chair.