It’s officially the end of an era.
Fed Chair Janet Yellen submitted her resignation from the board of governors on Monday, effective as soon as her successor, Jerome Powell, is sworn in early next year. Yellen was the first chair in recent memory to not be appointed to another term despite performing well in the role.
Yellen could have stayed on as governor after Powell’s ascension, but confirmed on Monday that she would not.
All of the US stock markets ticked slightly higher on Monday.
Here’s the scoreboard:
- Dow: 23,429.40, +71.16, (0.30%)
- S&P 500: 2,582.38, +3.53, (0.14%)
- Nasdaq: 6,785.97, +7.92, (0.12%)
- US 10-year yield: 2.344%, -0.03
- WTI crude oil: $US56.23, -0.45, (-0.79%)
Janet Yellen to resign as Fed governor after Trump denies her second term as chair. Jerome Powell is set to take her place at the top of the Fed early next year.
There’s a new biggest bull on Wall Street. Brian Belski of Bank of Montreal Capital Markets sees the S&P 500 finishing 2018 at 2,950, the most bullish forecast on Wall Street.
The market is nearing a crucial turning point that could crush stocks. Societe Generale says a 10-year Treasury yield above 2.5% could result in a US equity sell off.
Bitcoin soars to new high above $US8,200. Bitcoin has been on a tear over the past week as more traditional financial services firms dive into the nascent market for digital coins.
Hedge funds loaded up on these 10 stocks last quarter. Tech stocks have been on fire this year, and institutional investors have taken note.