The market didn’t miss a beat Monday, with stocks and bonds rallying worldwide after Lawrence Summers exited the race to serve as the next Federal Reserve Chairman, the Wall Street Journal reported.

The publication described the euphoria felt on the trading floors:

Major European stock indexes shot higher. Germany's DAX was up 1.3% after hitting fresh record highs in intraday trading. U.S. stocks opened broadly higher. The Dow Jones Industrial Average rose 139 points, or 0.9%, to 15515 in early trade.

So why is Summers’ exit so important? The WSJ explains:

Many investors believed that Mr. Summers, a former Treasury secretary who has been one of President Barack Obama's top economic advisers, would be more aggressive in reining in the Fed's bond-purchase program. Since the financial crisis, the Fed has been buying Treasurys and other bonds with the aim of stimulating economic growth through lower long-term interest rates.