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Former Treasury Secretary Larry Summers informed President Obama of his decision in a phone call Sunday. He had been considered a front-runner to replace Ben Bernanke, but faced opposition from Democrats in Congress.

Federal Reserve Chairman Ben Bernanke testified before the House Committee on Financial Services Wednesday, saying that when and how the Fed winds down its stimulus program will depend on economic conditions.

The central bank's latest "Beige Book" review of conditions around the nation adds to evidence that the economy continues to chug along.

Stock and bond markets reacted positively to Federal Reserve Chairman Ben Bernanke's remarks on the economy Wednesday morning. Bernanke was on Capitol Hill delivering the Fed's twice yearly update on the economy and Fed policy before the House Financial Services Committee.

The Federal Reserve Chairman continued to soothe investors, saying the Fed would not wind down its bond-buying program until economic conditions improve.

A surge in the cost of gasoline fueled a sharp increase in wholesale prices last month. Meanwhile, Bloomberg °µºÚ±¬ÁÏ is reporting that former Treasury Secretary Lawrence Summers wants to be the next chairman of the Federal Reserve.

Stocks surged Thursday after the chief of the Federal Reserve sent signals that the central bank wasn't in a hurry to stop helping the economy. The Standard and Poor's 500 Index closed at a record high.

The Federal Reserve's policy group says that "a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends."

The minutes of the Federal Reserve's June meeting will be released a 2 p.m. That's the meeting chairman Bernanke said the Fed could begin to think about reducing the amount of money it pumps into the economy.

The sharp drop follows remarks by Fed Chairman Ben Bernanke that the central bank's monthly bond-buying spree could soon end. Fears over a freeze in interbank lending in China have also contributed to investor concerns.