While you were sleeping Summers exit lift stocks

Mon, 16 Sep 2013

Sept. 17 (BusinessDesk) – Wall Street gained after Lawrence Summers withdrew his candidacy for the top Federal Reserve job and as agreement on a plan to get rid of Syria's chemical weapons removed the imminent threat of US military action. Summers, who unexpectedly announced his decision on Sunday, leaves Fed Vice Chairwoman Janet Yellen as the frontrunner to succeed Chairman Ben Bernanke. Summers would have kept monetary policy tighter than Yellen, according to a Bloomberg Global Poll. Indeed, traders now give a 55 percent probability of...

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