Summers withdrew from consideration because it became apparent that he could not be confirmed by the Senate. Apparently, there were few who liked Larry Summers as a potential FED Chairman. He was seen as a “Hawk” who would reverse QE faster than others. Therefore, the Banks and many on Wall Street were worried about him, and given that the Banks control the politicians through campaign donations, he was receiving a lot of criticism. Since there is little truth in Politics, opponents (and the press) focused on his personality and, ironically, that he was too close to Wall Street as reasons that he was unacceptable. Now that he has taken his name out of the running, Wall Street parties.
Monday, the S&P finished up 0.6% to 1698 (rounded) at the close.