Shares of banks and other financial institutions rose alongside Treasury yields on expectations that the Federal Reserve will accelerate President Biden said he will nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change.
Lael Brainard, the Fed governor who Mr. Biden had interviewed for the job, will be elevated to vice chairman of the central bank's board.
Elon Musk, the chief executive of Tesla, and Jamie Dimon, the chief executive of JPMorgan Chase, have clashed after JPMorgan sued Tesla over a trade the bank helped to arrange, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-22-21 1706ET
