Stocks Climb as Summers Withdrawal Bolsters Stimulus Outlook; Apple Falls
NEW YORK (TheStreet) -- U.S. stocks gained Monday as investors bet on an extension of the Federal Reserve's stimulus program and a smooth leadership transition at the central bank as former U.S. Treasury Secretary Larry Summers withdrew his name from consideration as the next Fed chairman.
Summers, President Obama's apparent favorite to succeed Chairman Ben Bernanke, reportedly removed himself from the running following unusually strong political opposition to his candidacy from Democrats, all but assuring the ascension of current vice-chair and low interest-rate advocate Janet Yellen to run the bank beginning in February.
Markets were further bolstered by Chrysler's plan to file documents this week to hold an initial public offering . Respite from Syria anxieties was also seen as a positive as the U.S. and Russia negotiated a proposal to remove or destroy the Middle Eastern nation's chemical weapons by the middle of next year, delaying airstrikes indefinitely.
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