The Dow Jones Industrial Average closed slightly higher Monday, clinging to gains after President Joe Biden announced that he picked Federal Reserve Chair Jerome Powell to serve a second term. The Dow /zigman2/quotes/210598065/realtime DJIA +1.65% gained less than 0.1%, while the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +3.13% , a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.43% slipped about 0.3%, according to preliminary data from FactSet. Although the S&P 500 slipped slightly, the index's financial sector rose more than 1%, FactSet data show. Shares of Wall Street banks rallied Monday, with Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC +0.80% rising about 3% and Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS +1.75% , JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM +0.89% and Morgan Stanley /zigman2/quotes/209104354/composite MS +1.34% all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.81% rose 9 basis points to 1.625%, according to Dow Jones Market Data.