Stocks climbed late in the afternoon, with the Dow closing at a new high. Earlier, Trump announced his decision for Jerome Powell to replace Janet Yellen as Fed Chair and the GOP finally unveiled its massive tax plan.
First up, the scoreboard:
- Dow:
- 516.26
- 81.25
- S&P 500:
- 579.85
- Nasdaq:
1.Trump chooses Jerome Powell to replace Janet Yellen as Fed Chair
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2. House GOP leaders on Thursday unveiled the "Tax Cuts and Jobs Act," which includes a broad set of proposed changes to the corporate and individual tax systems.
- House Ways and Means Committee Chair Kevin Brady, the author of the tax bill,
- said the bill would add $1.51 trillion to the federal deficit over the next 10 years.
- The Senate is set to use the process known as budget reconciliation to move the bill and avoid a Democratic filibuster.
- Brady, House Speaker Paul Ryan, and other House GOP leaders touted the bill in a press conference on Thursday and argued it would save the average family of four $1,182 a year on their taxes.
- How your take-home pay could change if the new tax plan is passed
- Realtors are worried tha the GOP's tax plan could slump the housing market
- What the GOP tax plan means for your retirement savings
- The group that represents America's small business slams the new GOP tax bill
- The GOP's tax plan could make it harder to get tax deductions for medical expenses
- Some colleges have billion-dollar endowments — and now the GOP wants to tax them for it
- The tax plan could lead to billions of dollars flooding back to the US
- companies that are set to benefit the most from that
- The investment chief at the world's first tax-reform ETF tells us how to trade Trump's plan
- The House GOP bowed to Trump's demands for now, proposing now changes to 401(k)s or retirement savings in the tax bill
- One part of Trump's new tax plan could make buying a home even harder for millennials
- The "double standard deduction" in the GOP tax plan is a lie, writes Josh Barro
In other market news:
Alibaba surged after beating on earnings and boosting its outlook for the year.