Stocks Open Higher as Investors Greet Powell Nomination Announcement

U.S. stocks opened higher following the news that President Biden would nominate Jerome Powell for a second term as chairman of the Federal Reserve.

The decision, revealed Monday before the stock market opened, ended a guessing game over who would lead the Fed during a period in which the central bank is expected to unwind coronavirus-era stimulus measures. The Fed this month approved plans to scale back its bond-buying program, and elevated inflation has prompted market participants to expect higher interest rates next year.

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