Stocks mixed as Biden taps Fed’s Powell for second term

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The Dow Jones Industrial Average tacked on over 17 points or 0.05% while the S&P 500 and Nasdaq Composite slipped 0.32% and 1.26%, respectively after touching fresh record highs early on in the session.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES35619.25+17.27+0.05%
SP500S&P 5004682.94-15.02-0.32%
I:COMPNASDAQ COMPOSITE INDEX15854.757354-202.68-1.26%

Large-cap tech stocks weighed on the Nasdaq including Amazon, Microsoft, and Google, while Apple maintained modest gains.

TickerSecurityLastChangeChange %
AMZNAMAZON.COM, INC.3,572.57-104.00-2.83%
GOOGLALPHABET, INC.2,926.04-52.49-1.76%
MSFTMICROSOFT CORP.339.83-3.28-0.96%
AAPLAPPLE, INC.161.02+0.47+0.29%

With Powell at the helm for a second term, Biden also tapped Fed governor Lael Brainard as vice-chair. Investors took their nominations in stride as their prior working experience will likely represent continuity with monetary policy amid an ongoing effort to tackle inflation.

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