Skip to main content
Advertising

Originally published September 16, 2013 at 6:49 AM | Page modified September 16, 2013 at 7:39 AM

  • Share:
           
  • Comments (0)
  • Print

Stocks, bonds rally after Summers exits Fed race

Stocks and bonds are rising sharply in early trading after former Treasury Secretary Larry Summers withdrew from the race to become head of the Federal Reserve.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

NEW YORK —

Stocks and bonds are rising sharply in early trading after former Treasury Secretary Larry Summers withdrew from the race to become head of the Federal Reserve.

Summers had been expected to move aggressively to rein in the Fed's huge economic stimulus program.

The Dow Jones industrial average rose 135 points, or 0.9 percent, to 15,512 early Monday.

The president is expected to nominate Ben Bernanke's successor as early as this month. The current front runner is Janet Yellen, the Fed's vice chair.

The Standard & Poor's 500 index rose 14 points, or 0.9 percent, at 1,702. The Nasdaq composite rose 26 points, or 0.7 percent, at 3,747.

Bond prices rose, pushing yields lower. The yield on the 10-year Treasury note fell to 2.79 percent from 2.88 percent late Friday.

News where, when and how you want it

Email Icon

Want free career advice? And an iPad Mini?

Want free career advice? And an iPad Mini?

Tell us about your goals and challenges and be considered for a future NWjobs career-makeover story, as well as a chance to win an iPad Mini!

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►