S&P, NASDAQ HIT ALL TIME HIGHS: Here's what you need to know

Two of the major US stock indexes cracked their all-time closing highs in trading on Friday in an otherwise relatively quiet day for the market.

As US President Donald Trump so helpfully pointed out: “RECORD HIGH FOR S & P 500!”

The Dow Jones industrial average also gained, but not enough to edge over its record.

We’ve got all the headlines, but first, the scoreboard:

  • Dow: 22,405.09, +23.89, (+0.11%)
  • S&P 500: 2,519.36, +9.30, (+0.37%)
  • Nasdaq: 6,495.96, +42.51, (+0.66%)
  1. Economist Kevin Warsh met with Trump about the Fed Chair job. Kevin Warsh, a former Morgan Stanley banker and Federal Reserve Board Governor, met with Trump at the White House on Friday, and reportedly talked about taking over the top job at the Fed.
  2. The Tax Policy Center released the first major analysis of Trump’s tax plan. The analysis showed the bulk of the benefit from the plan would go to the top 1% of income earners in the US, and actually increase taxes on a chunk of the middle class.
  3. The Treasury Department took down a study analysing the impact of corporate tax cuts on workers that contradicted the White House’s own view. The paper showed that a corporate tax cut would not benefit labour as much as the Trump administration claims.
  4. Roku jumped in its second day of trading. The streaming video company saw its stock jump another 16% in trading on Friday after gaining more than 66% in its debut on Tuesday.
  5. South Korea banned initial coin offerings. South Korea’s Financial Services Commission on Friday took the decision to ban all forms of cryptocurrency-based money raising activity, saying it has “serious concern about the fact that the current market funds are being pushed into a non-productive speculative direction.”

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