S&P, Nasdaq hit record highs after Powell nomination seen as safe bet

Financials rally on rate hike expectations; Nasdaq hits second consecutive record high

The S&P 500 and the Nasdaq hit record highs on Monday after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the bank for a second term, keeping the status quo as the central bank plans to wind down pandemic-era stimulus.

Powell's nomination, which will see him leading the Fed for another four years, was largely welcomed by investors hoping for no big changes in the Fed as it guides the economy through a post-COVID recovery.

Fed Governor Lael Brainard, who was the other top candidate for the job, will be vice chair, the White House said.

"Markets like predictability ...