Recapping the day's news and newsmakers through the lens of CNBC.
All Summers in a day
Stocks jumped and bond yields dipped today as elated Wall Streeters celebrated Larry Summers' withdrawal from consideration as Federal Reserve chairman. The former Treasury Secretary cited the likely uphill confirmation fight.
A new CNBC poll finds that Wall Street preferred the other top candidate, Fed Vice Chairman Janet Yellen, over Summers five to one, but by a two-to-one margin had expected President Barack Obama to name Summers. Poll participants felt Yellen more likely to continue the easy-money policies of current Fed Chairman Ben Bernanke, but some experts think she's more hawkish than widely believed.
The S&P 500 closed near a record high, just under the 1,700 mark, and its all-time high of 1,709.
"The market will, at the margin, see his withdrawal as one which prolongs unorthodox policy for longer—partly because it moves the more dovish Yellen up the favorites list for the new job."
—Deutsche Bank's Gael Gunubu
"The market, having wrongly assumed that Summers was more hawkish than Yellen, is now rallying off the false assumption."
—CNBC's Steve Liesman