BANGKOK (AP) - Asian stock markets rose today with analysts attributing the improved investment mood to the withdrawal of Lawrence Summers as a candidate to head the U.S. Federal Reserve. The dollar fell.
The White House said Sunday that Summers, who was considered the leading contender to succeed Fed chairman Ben Bernanke, was no longer seeking President Barack Obama's endorsement. That leaves the door open for other candidates, including Fed vice chair Janet Yellen.
Analysts said Summer was perceived as unenthusiastic about Bernanke's aggressive bond-buying program, dubbed quantitative easing, which helped push down interest rates to spur lending and jumpstart economic growth following the financial and economic crisis five years ago.
Benchmark crude oil fell below $108 per barrel. The dollar fell against the euro and the yen.