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The Dow rose more than 250 points on Monday when President Joe Biden chose Jerome Powell over Lyle Brainard to lead the Federal Reserve, ending speculation about whether the central bank would Who will take the lead as the economy faces high inflation.

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The Dow Jones Industrial Average rose 0.8% to more than 250 points, while the S&P 500 rose 0.9% and the tech heavy Nasdaq Composite rose 0.9% — both reaching new record highs.

After weeks of uncertainty, Biden on Monday chose to reappoint current Fed Chairman Jerome Powell, a Republican who led the central bank’s historic response to the pandemic.

Biden said in a statement Monday morning that he would nominate Powell for another four-year term as Fed chairman beginning in February, pending final approval from the Senate.

Powell’s main contestant for the position, Lyle Brainard—a Democrat favored by progressives in Washington for his bold stance on climate change—was named as Federal Reserve vice chairman.

Bank stocks and Treasury yields rose broadly after stocks such as JPMorgan and Morgan Stanley rose nearly 2% after the White House announced the Fed’s decision on Monday.

Shares of electric vehicle maker Tesla rose more than 3% after CEO Elon Musk said the Model S Plaid could launch in China by the spring of 2022, while shares of vaccine maker Moderna continued to rally — the FDA said last week. An increase of about 2% after the decision of Approving the use of the company’s booster shot for all adults.

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