– A + A NEW YORK/BENGALURU (Nov 22): The S&P 500 hit a record high on Monday after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, with Wall Street lenders rallying on the prospect of interest rate hikes in 2022. But the Nasdaq lagged its peers, falling from record highs, as rising Treasury yields weighed on major technology stocks. Powell’s nomination was largely welcomed by investors hoping for no big changes in the Fed, as it guides the economy through a post-Covid recovery. The central bank is set to herald a return to pre-pandemic policy by end-2022. Fed Governor Lael Brainard, who was the other top candidate for the job, will be vice chair, the White House said. “Markets like predictability … while Brainard may have been a fine choice, the markets would not know what to expect from her even though the general consensus was that it meant lower rates for longer,” said Randy Frederick, managing director of trading and derivatives, Charles Schwab, Austin, Texas. The S&P 500 banks sector jumped 2.8%, tracking a surge in Treasury yields as investors priced in policy tightening by the first half of 2022…. Read full this story
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