BUSINESS
09/15/2013 06:29 pm ET Updated Nov 15, 2013

Summers Withdraws, U.S. Stock Futures Advance

Sept 15 (Reuters) - U.S. stock futures advanced and futures for the U.S. Treasury 10-year note gained late Sunday after Lawrence Summers withdrew his candidacy for chairman of the Federal Reserve, as investors bet his exit could mean a slower tapering of monetary stimulus by the U.S. central bank.

S&P Index equities futures opened higher and gained more than 1 percent as of 6:23 p.m. (2223 GMT). Futures for the 10-year Treasury bond gained more than 1 point, or nearly 1 percent, indicating that benchmark Treasury yields would fall.

Of the two leading candidates for the Fed chairmanship, Summers was widely regarded as more eager to taper the Fed's $85 million a month bond-buying program. Janet Yellen, the Fed's current vice chair and the other leading candidate, has been more widely perceived by investors as favoring a more gradual easing of stimulus.

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