S&P Eases Off Record After Biden Sticks with Powell for Fed Chair

• The S&P 500 eased from record intraday highs Monday but remained supported as investors cheered news that Federal Reserve Chairman Jerome Powell was nominated for another term. 
• The S&P 500 rose 0.51%, and had earlier hit a record of 4,743.74, the Dow Jones Industrial Average added 0.77% or 272 points, the Nasdaq fell 0.3%. 
• President Joe Biden nominated Jerome Powell for a second four-year term as U.S. Federal Reserve Chair and nominated Governor Lael Brainard to vice-chair. 
• Both Mr Powell and Ms Brainard have similar dovish views on monetary policy but many believe that Ms Brainard would promote tighter regulation of financial institutions. For that reason, the Powell nomination has been viewed favourably by financial markets. 
• Treasury yields jumped on the news, suggesting that some had been betting on Brainard, who leans more dovish, which would likely have led to a lower for longer approach on monetary policy.

(Source: Investing.com)