S&P nears record after Summers' withdrawal

On news of economist Lawrence Summers withdrawing his name from considering for the chairmanship of the Federal Reserve, the Standard & Poor’s 500 index rose to a near-high during the afternoon of Sept. 16.

The index rose 0.5 percent in afternoon trading Monday, falling just below the 1,700-mark. Earlier in the day, the index neared the all-time peak of 1,709 set early last month, according to CNNMoney.

Fed Vice Chairwoman Janet Yellen, considered the top contender for the position to succeed Ben Bernanke, is expected by investors to continue to stimulate the economy to bring the unemployment rate down.

Read more at CNNMoney.