Stocks Rally on Summers Exit

U.S. stocks mostly rose on Monday, lifting the S&P 500 to within reach of its record, as Wall Street celebrated Larry Summers taking his name out of the running to head the Federal Reserve. The Dow Jones industrial average rose 118.72 points or 0.77 percent, to 15,494.78, the S&P 500 gained 9.61 points or 0.57 percent, to 1,697.60 and the Nasdaq Composite fell 4.33 points or 0.12 percent, to 3,717.85.

The withdrawal of Lawrence Summers as a candidate for Federal Reserve chairman doesn’t change President Barack Obama’s timetable for selecting a nominee to replace Ben S. Bernanke, his spokesman said.

President Barack Obama warned Republicans in Congress on Monday that he will not negotiate over an extension of the U.S. debt ceiling as part of a budget battle that will soon dominate Washington, with a deadline fast approaching.

Britain and the United States joined France on Monday in declaring that details contained in a report by U.N. investigators confirms that Syria’s government, not the opposition, was behind an Aug. 21 attack with sarin gas.