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Benchmarks Gained Nearly 1% After Lawrence Summers Withdrew

|Includes: iShares NYSE Composite ETF (NYC)

During the early part of the trading day, benchmarks gained nearly 1% after Lawrence Summers withdrew his candidature for the Federal Reserve chairmanship. Investors welcomed this development positively as Summers was in favor of tapering the bond purchase program. With Summers withdrawal, investors believe the massive $85 billion monthly bond purchase program might stay in place. This decision comes at a time when the US Central bank is due to announce its decisions on the bond purchase program. Early gains were trimmed after US President Barack Obama reiterated that the debt ceiling of the country would not be extended