White House chief strategist Steve Bannon, the nationalist firebrand who helped to fuel Donald Trump's dizzying rise to the presidency, is leaving the administration. "White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve's last day. We are grateful for his service and wish him the best," White House press secretary Sarah Huckabee Sanders said in a statement. Stock markets rose after Bannon's departure was reported. Traders on the New York Stock Exchange literally cheered the news. They had been fearful of a possible departure of former Goldman Sachs executive Gary Cohn as Trump's top economic aide. Bannon had battled with Cohn and other former Wall Streeters in the administration. A person close to Bannon said the chief strategist first decided to leave, according to The New York Times. Bannon submitted his resignation on Aug. 7, but the announcement was delayed after violence at a white nationalist rally in Charlottesville, Virginia, over the weekend, the newspaper reported. When the Times reported the news of Bannon's departure earlier Friday, it said Trump and his aides were deciding when and how to dismiss him and announce the move. Kelly had reportedly been reviewing Bannon's future in the White House. Bannon helped to power Trump to the White House with populist nationalist ideas that left many critics questioning his fitness to work as a top administration official.

White House Chief Strategist Steve Bannon (R) listens to U.S. President Donald Trump. Getty Images

However, Trump had reportedly grown increasingly angry with Bannon, and the chief strategist's influence waned. A recent widely shared interview in which he contradicted Trump's North Korea position and jabbed at colleagues may not have helped his cause with the president. In the wake of the Charlottesville Virginia, rally, Trump faced fresh calls for Bannon's ouster because of the strategist's nationalist views. Bannon is considered influential in Trump's proposals to overhaul free trade deals and crack down on immigration, among other policies. He also sought to reduce the government's regulatory reach. Bannon's exit may mark a departure from some protectionist policies and actions some observers warned could escalate into a trade war with China. It is not clear how much influence Bannon really had on policy recently — Axios reported that a White House source said "he has no projects or responsibilities to hand off." Bannon's nationalist positions pitted him against other Cohn and others in the White House who held views on issues that aligned more with the mainstream pockets of the two major political parties.

Trump believes Bannon fueled some of the leaks designed to hurt White House colleagues, Axios reported. Breitbart News — where Bannon was executive chairman before turning to the Trump campaign — has published repeated stories going after Trump's national security advisor, H.R. McMaster. Bannon also reportedly feuded with Trump's son-in-law and advisor Jared Kushner. Press coverage, including a Time magazine cover that featured "the great manipulator" Bannon, also bothered Trump, according to Axios. In a Tuesday news conference, Trump called Bannon "a friend" and said he is "not a racist." He also contended that the press treats Bannon "unfairly."

Bannon's future