Dow at Record After Trump Names Jerome Powell as Fed Chair
The Dow Jones Industrial Average shored up gains to end at a record this afternoon as President Trump played it safe with his Fed chair nominee. Trump's pick Jerome Powell is expected to keep the slow and steady pace of rate hikes of his predecessor.
Broadcom Ltd. (AVGO) - Get Report fell after it said it would relocate its headquarters from Singapore to the U.S., an announcement tied with the GOP's tax bill released today. The chipmaker will move to Delaware if shareholders approve.
Newell Brands (NWL) - Get Report slumped after falling short on its top- and bottom-line and guiding for a below-consensus full year. The Paper Mate parent reported a 7% drop in quarterly sales.
Victoria's Secret owner L Brands Inc. (LB) - Get Report rallied after posting solid sales growth over October. The retailer reported a 2% increase in same-store sales over that month. The company also guided for third-quarter earnings at the high-end of its previous guidance.
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