Reginal Thomas
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Markets React To Larry Summers Bowing Out of Race For Fed Chair

Larry Summers announced he was backing out of his nomination to replace Ben Bernanke; as Chairman of the Federal Reserve Bank. After a grueling campaign to block his nomination by Democrats of all people, Summers decided to pass on the opportunity. But this morning we are seeing a rise in both the Dow and S&P 500, with both of them up 1% and .9% respectively. Summers withdrawal is being seen as a bullish move in the markets. 

With Summers out the door is wide open for Janet Yellen, who was seen as Summers biggest competition for the position. She has a long career working in the Fed and was also the Chairwoman at the White House Council of Economic Advisers during the Clinton administration. She would also be making history as the first women to head the Federal Reserve.