Stocks slide and gold fever fades as investors weigh Trump’s Fed pick

Financial markets are churning on Friday as investors try to figure out what President Donald Trump’s new nominee to lead the Federal Reserve will mean for interest rates. The initial reactions were uneasy because of the uncertainty.

U.S. stocks fell, with the S&P 500 down 0.8% in midday trading. The Dow Jones Industrial Average was down 507 points, or 1%, as of 1 p.m. Eastern time, and the Nasdaq composite was 1% lower.

The value of the U.S. dollar, meanwhile, climbed...