Stocks, Bonds Rally After Summers Exits Fed Race 9/16/13
NEW YORK - Stocks and bonds are rising sharply in early trading after former Treasury Secretary Larry Summers withdrew from the race to become head of the Federal Reserve.
Summers had been expected to move aggressively to rein in the Fed's huge economic stimulus program.
The president is expected to nominate Ben Bernanke's successor as early as this month. The current front runner is Janet Yellen, the Fed's vice chair.