U.S. stocks were trading near session highs on Monday as investors digest a report that former Federal Reserve boss Janet Yellen would be President-elect Joe Biden's pick for Treasury Secretary, the Wall Street Journal reported . If confirmed, Yellen would become the first woman to hold the post, taking over from Steven Mnuchin, the Journal reported. The Dow Jones Industrial Average (DOW:DJIA) was up nearly 400 points, or 1.3%, at 29,642, the S&P 500 index (S&P:SPX) was trading 0.7% higher at 3,583, while Nasdaq Composite Index (AMERICAN:COMP) climbed 0.5% at around 11,913. Biden had promised to make his nomination for Treasury known around Thanksgiving, which is three days away. Biden last week said he believed his pick would be widely accepted by conservatives, moderates and progressives alike. Market participants are anticipating a greater likelihood that the 74-year-old Yellen will pursue further economic stimulus to help out-of-work Americans and troubled businesses.
Nov. 23, 2020, 3:18 p.m. EST