US stock exchanges close inconsistently – Powell nomination provides relief

The prospect of continuity at the top of the US Federal Reserve provided relief for investors on Monday. However, a late sell-off wiped out the initial profits.

The US stock exchanges closed inconsistently at the beginning of the week. The Dow Jones index of defaults went 0.1 percent higher to 35,619 points from trading. The technology-heavy Nasdaq, however, lost 1.3 percent to 15,854 points. The broad S&P 500 lost 0.3 percent to 4682 points.

In early trading, US exchanges received positive impetus from China, where the central bank had signaled monetary easing measures to support the recovery of the domestic economy.

The prospect of continuity at the top of the US Federal Reserve initially fueled US investors’ appetite for records. US President Joe Biden nominated Fed Chairman Jerome Powell for a second term on Monday. The director Lael Brainard, who is also a candidate for the executive chair, is to receive a deputy post.

In late trading, however, sales began. For fear of a slowdown in the economy in the face of possible pandemic restrictions, investors were reluctant to touch European stocks.