LIVE: Market Coverage: Monday November 22 Yahoo Finance finance live

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Stocks gained on Monday at the start of a holiday-shortened week, as traders considered the highly anticipated renomination of Federal Reserve Chair Jerome Powell to the top role at the central bank.

The Dow added more than 250 points, or 0.8%, during morning trading. The S&P 500 and Nasdaq each also advanced. Investors kicked off the week on a strong note, with equity and bond-market trading set to close fully on Thursday and early on Friday for the Thanksgiving holiday.

President Joe Biden on Monday announced he was nominating Federal Reserve Chair Jerome Powell for a second term leading the central bank, ending weeks of speculation over who would be tapped for the role. Bank stocks jumped following the announcement, and JPMorgan Chase (JPM) and Goldman Sachs (GS) outperformed in the Dow Jones Industrial Average.

Biden was expected to select either Powell or current Fed Governor Lael Brainard as Fed chair. Following the nomination, Powell will go before the Senate Banking Committee for approval, and if confirmed, will serve another four-year term.

“I think this was largely expected by markets. Certainly there were some conversations in markets over the last couple of weeks about Brainard potentially being elevated to the Fed chair position. But by and large the expectation was for consistency,” Erin Browne, Pimco managing director and portfolio manager, told Yahoo Finance Live on Monday. “You may see a little bit of a rally on the back of this with the expectation that policy is going to remain in place and intact, and everything that’s been articulated already by the Fed is likely to continue into 2022 and beyond.”

Powell, who led the central bank throughout the COVID-19 period, would be tasked with helping further guide the Fed as it grapples with whether the economic recovery has progressed enough to warrant a deeper reduction in monetary policy support.

“The most important question in the moment right now is how high the Fed ultimately hikes interest rates,” John McClain, portfolio manager for Brandywine Global’s high yield and corporate credit strategies, told Yahoo Finance Live on Friday. “Right now, expectations are for about two and a half to three hikes in 2022, and probably getting to about 175 basis points on Fed funds ultimately.”

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