Stocks fell on Monday afternoon, reversing an earlier rally that came after President Joe Biden announced he would renominate Jerome Powell to continue to lead the Federal Reserve. The Nasdaq slumped over 200 points and the S&P 500 slipped 0.3%. The Dow Jones Industrial Average was the only benchmark to close in the green by a narrow margin.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Target to no longer be open on Thanksgiving:
Target
"What started as a temporary measure driven by the pandemic is now our new standard--one that recognizes our ability to deliver on our guests' holiday wishes both within and well beyond store hours," Target CEO Brian Cornell wrote in a note to employees, quoted by the Associated Press.
Target's distribution and call centers will have some staff on Thanksgiving Day, the retailer said, but all its stores will remain closed.
Biden renomiates Powell for Fed chair, Brainard as vice chair:
President Biden announced Monday that he is renominating Jerome Powell for a second term as Federal Reserve chair and Fed Governor Lael Brainard as vice chair.
"As I've said before, we can't just return to where we were before the pandemic, we need to build our economy back better, and I'm confident that Chair Powell and Dr. Brainard's focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before," Biden said in a statement.
The nominations will next head to the Senate for confirmation.
Existing home sales unexpectedly rise in October:
Sales of previously owned homes in the United States unexpectedly rose to their highest level in nine months in October, signalling that housing demand is starting to increase again on improving labor market conditions.
Existing home sales increase by 0.8% month-over-month in October to a annualized rate of 6.34 million, according to data from the National Association of Realtors (NAR), from September's 6.29 million.
For the year-to-date, existing home sales rose by 11% compared to the same period in 2020 and by 13% compared to 2019. The metric is on track to reach at least 6 million units this year, which would be the best total in 15 years, according the the NAR.
Here's how market benchmarks started trading after opening bell:
S&P 500 Index: +0.45% or +21.20 points to 4,719.16
Dow Jones Industrial Average: +0.37% or +131.53 points to 35,733.51
Nasdaq Composite Index: +0.49% or +72.50 points to 16,136.85
