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
DJIA,
gained less than 0.1%, while the Nasdaq Composite
COMP,
,
a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the S&P 500
SPX,
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.
WFC,
rising about 3% and Goldman Sachs Group Inc.
GS,
,
JPMorgan Chase & Co.
JPM,
and Morgan Stanley
MS,
all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note
TMUBMUSD10Y,
rose 9 basis points to 1.625%, according to Dow Jones Market Data.
Read More: Dow clings to gains as U.S. stocks end mostly lower Monday after