December 13, 2013
Global shares gain on Summers' exit
US stocks rose today after former Treasury Secretary Lawrence Summers' withdrew as a candidate for Federal Reserve chairman, removing market uncertainty about a long confirmation process that already had plenty of opposition.
The Dow Jones industrial average was up 117.88 points, or 0.77 percent, at 15,493.94. The Standard & Poor's 500 Index was up 9.62 points, or 0.57 percent, at 1,697.61. The Nasdaq Composite Index was down 4.34 points, or 0.12 percent, at 3,717.85.
European stocks hit five-year highs today in a broad-based rally after news that Lawrence Summers has pulled out of the race to lead the US Federal Reserve.
The FTSEurofirst 300 was up 0.8 percent at 1,259.70 by 1054 GMT, its highest level since mid-2008, while Germany's DAX, up 1.2 percent at 8,614.44, was trading at an all-time high.