Yellen’s Nomination as Fed Chair Lifts U.S. Stocks
The S&P 500 finished up by 0.1% today, after two straight down days. The rebound followed President Obama’s nomination of Janet Yellen today to become Fed chair. He also offered talks with Republicans if they avert the debt-limit crisis. Economists and global economic leaders agree a U.S. debt default would be devastating for U.S. and global economies. “Today’s reaction is favorable based on Yellen’s nomination, and secondly there seems to be some thawing of the rhetoric which sets the stage for a resolution that could come before the deadline,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.