Summers pullout from Fed race boosts Dow, S&P 500

NEW YORK CITY: 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.

The Dow Jones Industrial Average and the S&P 500 both gained, but large drops by Nasdaq giants Apple (-3.2 percent) and Facebook (-3.7 percent) dragged the Nasdaq Composite lower.

At the closing bell, the Dow was up 118.49 (0.77 percent) at 15,494.55.

The broad-based S&P 500 gained 9.60 (0.57 percent) at 1,697.59, while the Nasdaq Composite lost 4.33 (0.12 percent) at 3,717.85.