US stocks mostly gained on Monday helped by news that Larry Summers, perceived as in favor of tighter monetary policy, pulled out of the race to lead the Federal Reserve.
Chairing the US Federal Reserve is one of the world's most important policymaking roles, but Obama's apparent favorite, Larry Summers, is reviled for his role in the financial crisis, prompting Democrats to campaign for rival Janet Yellen
A group of U.S. Ssnators have sent a letter urging President Barack Obama to appoint Federal Reserve vice-chair Janet Yellen as the nation's first female chair of the Federal Reserve bank, according to The Wall St. Journal.
