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US stocks end mixed as yields jump after Biden picks Jerome Powell to lead the Fed for a 2nd term

US stocks end mixed as yields jump after Biden picks Jerome Powell to lead the Fed for a 2nd term
Federal Reserve Chair Jerome Powell listens as President Joe Biden nominates him for a second four-year term.Kevin Lamarque/Reuters

US stocks ended mixed on Monday after President Biden nominated Jerome Powell for a second term as Fed chairman.



Biden also nominated Fed governor Lael Brainard as vice chair of the Federal Reserve.



The yield on the benchmark 10-year Treasury note climbed nearly 9 basis points to 1.625%, hitting tech stock particularly hard.

US stocks gave up gains to end mixed on Monday as Treasury yields jumped after President Joe Biden nominated Jerome Powell for a second term as chairman of the Federal Reserve.The yield on the benchmark 10-year Treasury note climbed nearly 9 basis points to 1.625%, hitting tech stock particularly hard.Powell first became Fed chair in February 2018 and his current term was set to expire in February 2022. Investors were unsure if Biden would renominate Powell, or choose a more progressive candidate like Fed governor Lael Brainard."Chair Powell has provided steady leadership during an unprecedentedly challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve," the White House said. Brainard was ultimately nominated by Biden to serve as vice chair of the Federal Reserve.
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