Stocks mixed as Biden taps Fed’s Powell for second term
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.
|I:DJI||DOW JONES AVERAGES||35619.25||+17.27||+0.05%|
|I:COMP||NASDAQ COMPOSITE INDEX||15854.757354||-202.68||-1.26%|
Large-cap tech stocks weighed on the Nasdaq including Amazon, Microsoft, and Google, while Apple maintained modest gains.
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.