(NEW YORK) — An announcement from the White House gave the Dow a lift Wednesday.
The Dow Jones Industrial Average closed up 26 points at 14,802.98. The Nasdaq Composite dropped 17 points to close at 3,677.78. The S&P 500 added a fraction of a point, closing at 1,656.40.
President Obama has nominated a new Federal Reserve chief. If confirmed, Dr. Janet Yellen will take over when Ben Bernanke’s term expires in January. She supports the Fed’s bond-buying program.
The International Monetary Fund is repeating its warnings about the global impact of Congress not raising the federal borrowing limit. It says a U.S. default would produce a worldwide shock that could threaten the global economic recovery.
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John Newsome and Anne Woolsey, CNN