Please ensure Javascript is enabled for purposes of website accessibility

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

2 days ago

Trump Says He’s Willing to Let Migrant Farm Laborers Stay in US

2 days ago

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

3 days ago

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

3 days ago

Trump’s Sweeping Tax-Cut and Spending Bill Wins Congressional Approval

3 days ago

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

3 days ago

US Supreme Court to Decide Legality of Transgender School Sports Bans

3 days ago

Nvidia Set to Become the World’s Most Valuable Company in History

3 days ago

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

3 days ago
Stocks Rise After Biden Taps Powell for a New Fed Term
gvw_ap_news
By Associated Press
Published 4 years ago on
November 22, 2021

Share

Stocks rose broadly on Wall Street Monday as investors head into a holiday-shortened week with reassurance about leadership at the Federal Reserve.

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%.

Communication companies fell. Google’s parent, Alphabet, shed 1.4%.

Markets Appear Reassured

Retailers and other companies that rely on consumer spending also gave up early gains and lagged the market. Target fell 3.3% and Amazon fell 2.4%. Those retailers are on the cusp of the busy holiday shopping season, which traditionally kicks off right after the Thanksgiving holiday.

Markets were reassured 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 central bank is starting to trim bond purchases that have helped maintain low interest rates in an effort to support the economy and markets. The move to ease up on that support comes as rising inflation hangs over the economic recovery. Investors are closely watching the Fed to see whether pressure from rising inflation prompts it to speed up its plans for trimming bond purchases and raising its benchmark interest rate.

The dollar also strengthened against other currencies. The price of gold, a haven for when investors feel anxious, fell 1.8%.

Markets in Europe and Asia were mixed as a resurgence of coronavirus outbreaks prompted some countries to look to stricter precautions to curb yet another wave of the pandemic.

Investors face a relatively light week of economic updates. The National Association of Realtors reported surprisingly good sales for previously occupied homes in October on Monday. The Commerce Department will report October data for new home sales on Wednesday, along with data on third-quarter gross domestic product.

Markets in the U.S. will be closed on Thursday for the Thanksgiving holiday. They will also close early on Friday.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

DON'T MISS

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

DON'T MISS

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

DON'T MISS

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

DON'T MISS

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

DON'T MISS

Oil Dips Ahead of Expected OPEC+ Output Increase

DON'T MISS

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

DON'T MISS

Fresno County Authorities Investigating Suspicious Death of Transient Man

DON'T MISS

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

DON'T MISS

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

UP NEXT

Oil Dips Ahead of Expected OPEC+ Output Increase

UP NEXT

Stocks Hit Record, US Dollar Strengthens After Jobs Data

UP NEXT

Trump Administration Will Focus on Fed Chair Replacement in Fall, Bessent Says

UP NEXT

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

UP NEXT

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

UP NEXT

Wall Street Edges Down After ADP Shock. Focus on Trade Talks, Payrolls Data

UP NEXT

Dollar Gains Ground Against Major Peers After Better-Than-Expected US Jobs Data

UP NEXT

Powell Reiterates Fed Will Wait for More Data Before Cutting Rates

UP NEXT

US Senate Republicans Struggling to Unite on Trump’s $3.3 Trillion Tax-Cut Bill

UP NEXT

S&P 500, Nasdaq Close at Record Highs, Cap Best Quarter in Over a Year

Trump Calls Musk’s Formation of New Party “Ridiculous” and Confusing

2 hours ago

Fresno DUI Driver Slams Into CHP Motorcycle, Tow Truck on Highway 99

9 hours ago

Russia Downs 120 Ukrainian Drones Overnight, Defense Ministry Says

9 hours ago

Israel Sends Delegation to Qatar for Gaza Talks Ahead of Netanyahu Trip to US

9 hours ago

San Luis Obispo’s Madre Fire Grows to Nearly 80,000 Acres, 30% Contained

9 hours ago

Musk Announces Forming of ‘America Party’ in Further Break From Trump

9 hours ago

Death Toll From Texas Floods Reaches 59, Including 21 Children

9 hours ago

California’s Politics Drifts Right While New York’s Leans Left

10 hours ago

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

1 day ago

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

1 day ago

TikTok Building New Version of App Ahead of Expected US Sale, the Information Reports

TikTok is building a new version of its app for users in the United States ahead of a planned sale of the app to a group of investors, The I...

2 hours ago

A logo is displayed over a door at the U.S. headquarters of the social media company TikTok in Culver City, California, U.S. January 17, 2025. (Reuters File)
2 hours ago

TikTok Building New Version of App Ahead of Expected US Sale, the Information Reports

Boxes of aid are stacked as Gaza Humanitarian Foundation said it has commenced operations to begin distribution of aid, in Rafah, in the southern Gaza Strip, May 26, 2025. (Reuters File)
2 hours ago

Hamas Government Office Rejects US Accusation of Involvement in Gaza Aid Site Attack

A volunteer searches for flood victims after deadly flooding in Kerr County, Texas, U.S., July 6, 2025. REUTERS/Sergio Flores
2 hours ago

Death Toll From Texas Floods Reaches 78, Trump Plans Visit

Tesla CEO and X owner Elon Musk listens as US President-elect Donald Trump speaks during a meeting with House Republicans at the Hyatt Regency hotel in Washington, DC, U.S. on November 13, 2024. (Reuters File)
2 hours ago

Trump Calls Musk’s Formation of New Party “Ridiculous” and Confusing

A 22-year-old suspected DUI driver crashed into a parked CHP motorcycle and tow truck on Highway 99 near Fresno, narrowly missing an officer and bystanders, CHP said Saturday, July 5, 2025. (CHP)
9 hours ago

Fresno DUI Driver Slams Into CHP Motorcycle, Tow Truck on Highway 99

A service member of a drone unit of the 24th Separate Mechanized Brigade named after King Danylo of the Ukrainian Armed Forces controls a heavy combat drone while it flies over positions of Russian troops, amid Russia's attack on Ukraine, in Donetsk Region, Ukraine June 12, 2025. (Reuters File)
9 hours ago

Russia Downs 120 Ukrainian Drones Overnight, Defense Ministry Says

An Israeli tank maneuvers in Gaza, as seen from the Israeli side of the border, July 6, 2025. (Reuters/Amir Cohen)
9 hours ago

Israel Sends Delegation to Qatar for Gaza Talks Ahead of Netanyahu Trip to US

The Madre Fire near New Cuyama has burned nearly 80,000 acres as of Sunday, July 6, 2025, morning, prompting widespread evacuation orders and warnings across three counties. (CalFire)
9 hours ago

San Luis Obispo’s Madre Fire Grows to Nearly 80,000 Acres, 30% Contained

Help continue the work that gets you the news that matters most.

Search

Send this to a friend