The S&P 500 popped higher on the news before ending the day roughly where it had been, up by 0.6%.
News that Joe Biden will nominate Janet Yellen to be Treasury Secretary landed gently on Wall Street.
Traders intensely familiar with the former Federal Reserve chair cheered the pick in anticipation of her working well with the central bank to help the economy bounce back from the pandemic. Just last month, Yellen said the US needs to “continue extraordinary fiscal support.” The pick also put an end to Wall Street’s fretting over Senator Elizabeth Warren, who has vowed to clip big banks with tighter financial regulations.
