Stocks rally after Summers exits Fed chairman picture
By Staff and Wire Reports on Sep 17, 2013, at 2:29 AM Updated on 9/17/13 at 4:16 AM
Finance
Porat’s own bank almost vanished when hedge funds, spooked by difficulties getting money out of bankrupt Lehman Brothers, pulled more than $128 billion in two weeks from Morgan Stanley.
When it comes to catastrophes and disasters, anniversaries typically bring up bad memories.
Wall Street was happy to see Larry Summers go.
Stocks rose on Monday after Summers, who had been the leading candidate to replace Federal Reserve chairman Ben Bernanke, withdrew his name from consideration.
A former Treasury secretary, Summers was viewed as being more likely to rein in the government's massive stimulus program, which has kept interest rates low and boosted corporate profits.
Stocks were also helped by news that U.S. factory output rose 0.7 percent in August - the most in eight months - helped by a robust month at auto plants.
The Dow Jones industrial average rose 118.72 points, or 0.8 percent, to close at 15,494.78. The Standard & Poor's 500 index rose 9.61 points, or 0.6 percent, to 1,697.60. The Nasdaq composite fell 4.34 points, a fraction of a percent, to 3,717.85, pulled down by a loss in Apple.
Nine of 10 sectors in the S&P 500 rose, led by industrial stocks. Only technology stocks declined.
At its highest point in late morning trading, the S&P 500 was within five points of its previous record close of 1,709.67, set on Aug. 2.
Finance
Porat’s own bank almost vanished when hedge funds, spooked by difficulties getting money out of bankrupt Lehman Brothers, pulled more than $128 billion in two weeks from Morgan Stanley.
When it comes to catastrophes and disasters, anniversaries typically bring up bad memories.
