Wall Street opens higher after White House's decision

US stocks rose in early trading on Monday, after the White House decision of a Federal Reserve chief.

US President Joe Biden has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term, and also Lael Brainard to serve as the Fed’s vice chair.

Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

Recent data showed that the US inflation rate jumped to the highest level since 1990 at 6.2% in October.

Powell attributed this jump to the imbalance between supply and demand after the reopening of economies.

As for stocks, Dow Jones rose 0.8% or 276 points to 35,878 as of 15:15 GMT, and S&P 500 rose 0.9% or 44 points to 4,742, while Nasdaq rose 0.9% or 150 point to 16,208.