The Supreme Court rejected President Donald Trump's attempt to immediately fire Federal Reserve Board Governor Lisa Cook, allowing her to stay on the central bank board while her lawsuit proceeds. The 5-4 decision saw Chief Justice John Roberts joined by Justices Sonia Sotomayor, Elena Kagan, Brett Kavanaugh, and Ketanji Brown Jackson in the majority, with Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, and Amy Coney Barrett dissenting. Roberts wrote that the government had not shown it was likely to prevail on the legal arguments advanced in its stay application. The ruling affirms that a president cannot summarily fire a central bank official without sufficient cause, marking a win for Federal Reserve independence. Trump had cited allegations of mortgage fraud, which Cook denies, when announcing her dismissal. Stocks erased earlier losses following the decision, with the S&P 500 up 0.7%, the Nasdaq climbing 1.1%, and the Dow rising 0.8% at about 10:43 AM ET.