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Dow clings to gains as U.S. stocks end mostly lower Monday after Biden picks Powell as Fed Chair

MarketWatch logo MarketWatch 11/22/2021 Christine Idzelis
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Video: Biden renominates Powell as Federal Reserve chair (FOX News)

The Dow Jones Industrial Average closed slightly higher Monday, clinging to gains after President Joe Biden announced that he picked Federal Reserve Chair Jerome Powell to serve a second term. The Dow gained less than 0.1%, while the Nasdaq Composite a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the S&P 500 slipped about 0.3%, according to preliminary data from FactSet. Although the S&P 500 slipped slightly, the index's financial sector rose more than 1%, FactSet data show. Shares of Wall Street banks rallied Monday, with Wells Fargo & Co. rising about 3% and Goldman Sachs Group Inc. JPMorgan Chase & Co. and Morgan Stanley all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note rose 9 basis points to 1.625%, according to Dow Jones Market Data.

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