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Stocks rise as Summers withdraws

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Wall Street responded euphorically Monday morning to the news that former Treasury Secretary Lawrence H. Summers withdrew from the race to become head of the Federal Reserve.

The Dow Jones Industrial average rose 165 points, or more than 1 percent, in the first hour of trading Monday, and the Nasdaq was up sharply as well. Mr. Summers had been expected to move more aggressively than other potential nominees to curtail the Fed’s current economic stimulus program under Chairman Ben S. Bernanke.


SEE RELATED: Larry Summers withdraws from consideration as Bernanke’s successor at Fed


President Obama is expected to nominate Mr. Bernanke’s successor as early as this month. The current front-runner is Janet Yellen, the Fed’s vice chair.

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About the Author
Dave Boyer

Dave Boyer

Dave Boyer is a White House correspondent for The Washington Times. A native of Allentown, Pa., Boyer worked for the Philadelphia Inquirer from 2002 to 2011 and also has covered Congress for the Times. He is a graduate of Penn State University. Boyer can be reached at dboyer@washingtontimes.com.

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