NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, Sept. 16:
1. -- U.S. stock futures were pointing to gains on Wall Street Monday following Lawrence Summer's withdrawal as a candidate to head the Federal Reserve.
European and Asian stocks rose as it looked increasingly likely that the new chairman of the Fed would keep monetary policy looser for longer. Summers' retreat leaves Federal Reserve Vice Chair Janet Yellen, who is perceived to be more dovish than Summers, in pole position for the job.
2. -- The economic calendar in the U.S. Monday includes the Empire State Manufacturing Index for September at 8:30 a.m. EDT, and industrial production and capacity utilization data for August at 9:15 a.m.
3. -- U.S. stocks on Friday gained as a raft of soft U.S. economic data eased investor concerns the Fed will scale back its stimulus program. The S&P 500 gained 0.27% to close at 1,687.99. The Dow Jones Industrial Average finished the regular trading day higher by 0.49%, to 15,376.06. The Nasdaq added 0.17% to close at 3,722.18. The Fed is scheduled to begin its two-day policy meeting on Tuesday.
4. -- Lawrence Summers, who was considered the leading candidate to succeed Ben Bernanke as Fed chairman, withdrew his name from consideration, the White House said. Summers' withdrawal followed growing resistance from critics, including some members of the Senate committee that would need to back his nomination. His exit could open the door for his chief rival, Janet Yellen, the Fed's vice chair. If chosen by President Obama and confirmed by the Senate, Yellen would become the first woman to lead the Fed.
5. -- President Obama is marking the fifth anniversary of the collapse of Lehman Brothers by trying to lay claim to an economic turnaround and warning Republicans against moves that he contends would risk a backslide. Obama's message to the GOP: Don't oppose raising the nation's debt limit, don't threaten to close down the government in a budget fight, and don't push to delay the health care law or starve it of federal money. Obama plans to make a speech Monday at 11:40 a.m. in the White House's Rose Garden.
6. -- Ford (F) said Monday a new workplace charging network would be being installed at nearly every Ford facility in the U.S. and Canada, allowing workers to refill their electric vehicle batteries at work. Ford, the second-largest U.S, automaker, said it plans to install electric vehicle charging stations at more than 50 of its offices, product development campuses and manufacturing plants. Installation will begin later this year and roll out across Ford facilities throughout 2014.
7. -- Chrysler is planning to file documents for its initial public offering this week after majority owner Fiat and the health care trust that owns the rest of the automaker failed to agree a market price in a long-running dispute, The Financial Times reported. "All the work, all the preparation, drafts has gone through . . . we should be ready to file [IPO documents] within the third week of this month," Sergio Marchionne, CEO of both Fiat and Chrysler, told the FT in an interview.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV