The S&P 500 rose 0.3% as of 12:01 p.m. Eastern. The Dow Jones Industrial Average rose 227 points, or 0.6%, to 35,830 and the Nasdaq fell 0.7%.

Stocks rose broadly in afternoon trading on Wall Street Monday as investors head into a holiday-shortened week after President Joe Biden said he would nominate Jerome Powell for a second four-year term at the helm of the Federal Reserve, a vote of confidence in Powell’s handling of central bank policies during the brutal disruptions caused by the coronavirus pandemic, the AP reports.
The S&P 500 rose 0.3% as of 12:01 p.m. Eastern. The Dow Jones Industrial Average rose 227 points, or 0.6%, to 35,830 and the Nasdaq fell 0.7%.

Bond yields moved solidly higher. The yield on the 10-year Treasury rose to 1.59% from 1.54% late Friday. Banks, which rely on higher yields to charge more lucrative interest on loans, led gains for the broader market. Bank of America rose 2.4%.

Companies that make household and personal care products also made solid gains. Procter & Gamble rose 1.3% and Kroger rose 4.2%.

Read more

© Copyright LaPresse