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Stocks at Records as Powell Takes to Capitol Hill, Consumer Confidence Rises

The Dow and S&P 500 traded at intraday records as Jerome Powell, President Donald Trump's pick for Fed chair, headed to Capitol Hill for his confirmation hearing.

The Dow and S&P 500 traded at intraday records as Jerome Powell, President Donald Trump's pick for Fed chair, headed to Capitol Hill for his confirmation hearing. Markets don't expect a major departure from Fed Chair Janet Yellen's tightening path.

In comments to Congress, Powell said he expects to shrink the balance sheet over the next three to four years. However, the sum should remain greater than before the financial crisis. The Fed began to unwind its balance sheet in October.

Consumer confidence in November again strengthened, a surprise to analysts looking for a slight dip this month. Confidence has risen for five straight months and sits at its best level since November 2000.

Emerson Electric Co. (EMR) has withdrawn an unsolicited bid to purchase Rockwell Automation (ROK) after the latter showed "continued unwillingness" to engage in deal talks. Emerson now plans to focus on share buybacks.

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