Equities south of the border began a holiday-shortened week Monday crawling back from spectacular initial highs, in the wake of U.S. President Joe Biden’s re-nomination of Jerome Powell to head the Federal Reserve.
The Dow Jones Industrials hesitated from its triple-digit highs of the day, before making do with a gain of 17.27 points to 35,619.25.
The S&P 500 index turned into the red 15.02 points to 4,682.94, backing off from an intraday record. The NASDAQ Composite cratered 202.68 points, or 1.3%, to 15,854.76.
Powell, a former private equity executive, slashed interest rates to near zero and implemented emergency asset purchases in March 2020 to help backstop the market during the first wave of the COVID-19 pandemic, helping the financial system to remain operational during a sharp slowdown in economic activity.
He also led a landmark re-evaluation of the Fed’s inflation targeting framework during the COVID crisis.
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