Paul Ryan has probably had better days. Hours after the Wisconsin Republican slammed Democrats' disaster-debt ceiling proposal as "ridiculous," President Trump gave it his stamp of approval. At least Ryan still has tax reform. Maybe.
Whatever Ryan's feelings about the matter, Wall Street appears pleased. The Dow Jones Industrial Average climbed 0.25%, the S&P 500 gained 0.31% and the Nasdaq rallied 0.28% on Wednesday. All three indexes saw sizable drops on Tuesday.
Federal Reserve Vice Chairman Stanley Fischer delivered a curveball on Wednesday, announcing plans to resign in mid-October. His exit casts further doubt on what might happen with monetary policy moving forward as questions loom about who might end up as Fed chair come February, when Janet Yellen's term expires. The Wall Street Journal is reporting that Gary Cohn, widely speculated to be one of Trump's top picks for the Fed, might no longer be in the mix.
Storm season continues to captivate Wall Street and the country. Hurricane Irma is hitting the U.S. Virgin Islands and Puerto Rico and is headed towards Florida this weekend. Hurricane Harvey recovery efforts are ongoing in south Texas. Congress is on track to pass a nearly $8 billion relief bill.
The latest weather threat has forced cruise liners such as Carnival Corp. (CCL) and Norwegian Cruise Line Holdings Ltd. (NCLH) to cancel or alter a number of their trips. Insurers such as Travelers Cos. (TRV) , Allstate Corp. (ALL) and Progressive Corp. (PGR) are also on watch. Hotel chains such as Hyatt H are shuttering their hotels and sending guests home in preparation.
And that's Wednesday for you, more or less.
Photo of the day: A pair of New Yorkers who know how to deal
Move over, Mitch and Paul. Chuck and Nancy are on the rise. President Donald Trump on Wednesday said he was on board with a plan put forth by Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi to tie Hurricane Harvey relief funding to a three-month extension of the debt ceiling. Schumer and Trump, pictured above, have come a long way from just months ago when the president was bashing "Cryin' Chuck Schumer" on Twitter. Looks like the pair of New Yorkers have made up -- for now.
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