The S&P 500 and the Nasdaq hit record highs on Monday after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the bank for a second term, keeping the status quo as the central bank plans to wind down pandemic-era stimulus. The Dow Jones Industrial Average rose 29.43 points, or 0.08 percent, at the open to 35,631.41. The S&P 500 opened higher by 14.04 points, or 0.30 percent, at 4,712.00, while the Nasdaq Composite gained 63.49 points, or 0.40 percent, to 16,120.92 at the opening bell.