Wall Street was happy to see Larry Summers go.
Stocks rose on Monday after Summers, who had been the leading candidate to replace Federal Reserve chairman Ben Bernanke, withdrew his name from consideration.
Summers, a former Treasury secretary, was viewed as being more likely to rein in the government’s massive stimulus program, which has kept interest rates low and boosted corporate profits.
Stocks were also helped by news that U.S. factory output rose 0.7 percent in August, the most in eight months.
The Dow Jones industrial average rose 118.72 points to close at 15,494.78.