Wall Street Rallies as Fed Leadership Speculation Grows

Wall Street saw gains as President Trump's interim Fed pick, Stephen Miran, boosted expectations for a dovish policy. Speculation about Fed leadership and potential rate cuts influenced investor sentiment. Gilead Sciences and Expedia's strong forecasts contrasted with Trade Desk and Pinterest's downturns. U.S.-India trade tensions added to market complexities.

Wall Street continued its upward trajectory on Friday, buoyed by President Donald Trump's interim Federal Reserve nomination that sustained hopes for a dovish monetary policy. Investors speculated on deeper rate cuts despite concerns over the Fed's independence.

Stephen Miran, nominated to a short-term board position, possibly paves the way for a dovish stance, aligning with Trump. The attention now shifts to who will succeed Fed Chair Jerome Powell. This comes amid differing opinions regarding the Fed's direction under Trump's influence.

Meanwhile, market movers included Gilead Sciences surging on an optimistic outlook, while Trade Desk and Pinterest faced declines. Investors also eyed escalating U.S.-India trade tensions, potentially impacting the broader market sentiment.

(With inputs from agencies.)