Fischer’s Exit Sends Stocks Lower

The benchmark TA-25 index was trending lower through mid-afternoon when the surprise announcement came, sending the index down as low as 1.3% before edging up again to end at 1,186.50 points, a drop of 0.9% for the session.

Stanley Fischer’s announcement that he plans to step down as governor of the Bank of Israel in June sent shock waves through the Tel Aviv Stock Exchange,...