Business
Stocks Fall After Trump Picks Kevin Warsh as Next Fed Chair
Stocks fell, silver and gold plunged and the dollar strengthened after investors finally learned President Trump’s pick to run the Federal Reserve: former Fed governor-turned-critic Kevin Warsh.
Major U.S. indexes fell, led by the Nasdaq composite, which finished 0.9% lower. The dollar gained and longer-term bond yields edged higher. Precious metals plummeted, with gold down 11% and silver dropping 31%, both suffering their worst one-day slides since 1980.
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