Wall Street Climbs Amid Fed Policy Shake-Up
Wall Street saw gains as President Trump's nomination for a Fed governor post sparked hopes for more dovish monetary policies. Major indices such as the Dow Jones, S&P 500, and Nasdaq rose significantly. Meanwhile, the market responded to mixed signals regarding the Fed's future leadership and policy directions.
Wall Street rallied on Friday driven by anticipation of more accommodating monetary policies after President Donald Trump nominated Stephen Miran for an interim Fed governor seat. The major indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, posted notable gains by mid-morning.
The nomination comes amid upheaval at the Federal Reserve following Adriana Kugler's unexpected exit. Speculation is rife about the next Fed chair, with Christopher Waller emerging as a front-runner to replace Jerome Powell, whose term concludes soon. Trump's influence raises concerns about the Fed's independence, with fears of policy shifts prompting mixed reactions from investors.
Corporate earnings also influenced market dynamics. Expedia, Monster Beverage, and Gilead Sciences all saw their stocks rise after reporting better-than-expected results. Conversely, Trade Desk and Pinterest experienced significant declines due to weaker performances. Looking ahead, traders predict a 90% likelihood of a rate cut next month, while international trade tariffs continue to impact global relations.
(With inputs from agencies.)
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